DEFINITION of Board Broker

A board broker is a member or member nominee of a commodity or options exchange who is entrusted with the responsibility of executing and matching orders, providing price quotations, and maintaining orderliness of trading accounts for the designated commodity. The board broker serves a role similar to the specialist on the trading floor. They work with public orders and are in charge of making a fair and orderly market for the commodity or security to which they are assigned.


A board broker serves as a market maker and is charged with maintaining an orderly trading market on the trading floor. The functions of a commodity exchange board broker are similar to those of the specialists or market makers on stock exchanges. They may be in charge of a wide range of responsibilities such as matching and executing orders and providing quotes. Their main purposes are to create a market for the commodities or securities to which they are assigned and to facilitate smooth and orderly operations throughout the trading day.

Example of a Board Broker

Sam is a board broker for XYZ security. He accepts public limit orders for XYZ and keeps a book of the orders. He will trade with other floor brokers against whom he can match and execute orders for his clients in his book. He will also match orders within his own book in order to execute trades.