Most customer orders will never be handled by a floor broker. Floor brokers usually only handle the large complex institutional orders. Customer orders will be electronically routed directly to the trading post for execution via the super display book system. The super display book bypasses the floor broker and sends the order right to the specialist / DMM for execution. If the order can be immediately executed, the system will send an electronic confirmation of the execution to the submitting broker dealer. All listed securities are eligible to be traded over the super display book system. All pre opening orders that can be matched up are automatically paired off by the system and executed at the opening price. Any pre opening orders that cannot be paired off are routed to the trading post for inclusion on the display book.

Introduction

Related Articles
  1. Trading

    High-Frequency Trading: A Primer

    An in depth look at how high-frequency trading works and who the players are.
  2. Trading

    Broker Summary: Interactive Brokers

    Learn more about IB, an online broker specializing in routing orders and executing and processing trades on more than 90 electronic exchanges and trading venues worldwide.
  3. Trading

    Creating Automated Trading Systems Using Interactive Brokers

    Learn how to use this automated global electronic market maker and broker.
  4. Investing

    Discount Broker

    A stockbroker who carries out buy and sell orders at a reduced commission compared to a full-service broker, but provides no investment advice.
  5. Trading

    How To Place Trades With Interactive Brokers' WebTrader

    Interactive Brokers' WebTrader is a great platform for placing many different order types.
Frequently Asked Questions
  1. What's considered to be a good debt-to-income (DTI) ratio?

    Your debt-to-income ratio helps lenders determine your credit worthiness. Find out how to calculate your score and how to ...
  2. What is the difference between a loan and a line of credit?

    Learn to differentiate between lines of credit and standard loans, and determine when you are likely to use each method of ...
  3. What does a Chief Financial Officer (CFO) do?

    A CFO is responsible for accurate reporting of a company's financial information, investing the company's money and identifying ...
  4. How did George Soros break the Bank of England?

    George Soros pocketed $1 billion by betting against the British pound, cementing his reputation as the premier currency speculator ...
Trading Center