Definition of Broker Booth Support System (BBSS)
Broker Booth Support System (BBSS) is a comprehensive electronic system used by the New York Stock Exchange (NYSE) to send orders between brokers and trading booths on the floor of the exchange. The BBSS is an extremely efficient way to direct order flow. Before its advent, brokers used paper forms and sent runners to give orders to the floor traders to execute. The BBSS permits the NYSE to handle daily trade volumes in excess of one billion shares.
Understanding Broker Booth Support System (BBSS)
The self-developed electronic order management system is installed at all the trading booths on the floor. Floor brokers enter all information into the system, leaving digital trails and time stamps to preserve integrity of the trading process throughout the day. With every keystroke logged into the system, trades can be confirmed, and disputes can be resolved quickly. Users can produce customized reports from all the data compiled and organized in the system. While the BBSS is fast and efficient, it is not failproof. There have been instances in the past when the system went down, causing partial stoppages in order processing. Brokers on the floor had to return to the old-fashioned method of writing orders on paper and running them over to trading booths until the temporary technical issues were resolved. Robust redundancy functionalities have since been implemented to help prevent future system issues.
Ancillary BBSS Devices
For added efficiency and convenience, the NYSE rolled out e-Broker handheld devices for floor use and X terminals to sit at customer sites. The handheld devices allow for broker mobility on the floor. The X terminals, supplied by the NYSE but installed by customers, connect to the BBSS on the exchange floor, providing remote users the full range of BBSS services.