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

    Understanding order execution

    Find out the various ways in which a broker can fill an order, which can affect costs.
  2. Trading

    Electronic Trading Tutorial

    Learn about the systems that run the market.
  3. Trading

    The Death Of The Trading Floor

    Electronic trading has almost completely replaced face-to-face human trading.
  4. Personal Finance

    How Brokers Can Avoid A Market-Maker's Tricks

    Ensure that you and your clients are getting the best deal by avoiding these three pitfalls.
  5. Insights

    If You Buy Stocks Online, You Are Involved in HFTs

    Many people don't realise that some half to two-thirds of all trades use high-frequency trading in some fashion.
  6. Investing

    5 Misconceptions About Discount Brokers

    While discount brokers are the perfect choice for some investors, their business model could be detrimental to others.
Frequently Asked Questions
  1. How a bond's face value differs from its price

    Discover how bonds are traded as investment securities and understand the various terms used in bond trading, including par ...
  2. What does CHIPS UID mean?

    Learn what CHIPS UID stands for and how it facilitates the transfer of funds as the back-end of the ACH network for both ...
  3. What does the de Minimis clause for investment advisers mean?

    Learn the answer to what the de Minimis clause for investment advisers means.
  4. How does Twitter make money?

    Learn how Twitter earns revenue, including how the social media company uses three targeted advertising streams, data farming ...
Trading Center