NYSE — brokers buy a seat on the

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NYSE - brokers buy a seat on the exchange for between - $2 -2. 65 million each year - accounts for 85 -90% of trading on US exchanges (1. 425 million trades/day) - only 70% of the trades in stocks listed on the NYSE are actually executed on the NYSE - requires that firms must be of interest enough to generate high volumes of trading

NYSE Brokers - the agent representing customer orders to buy and sell Two types of floor brokers - commission brokers are employed by a major brokerage house - independent floor brokers work for themselves and often work for brokerage houses who do not have a full-time broker on the floor

NYSE Specialist - critical to the auction process - market maker - executes trades at a designated trading post - acts as an auctioneer by quoting fair bid and asked prices - acts as a catalyst matching buyers and sellers - stabilize prices by ensuring that prices move smoothly with minimal fluctuation

NYSE How a trade is executed 1) investor contacts the broker to sell/buy 2) floor broker goes to specialist’s trading post where many other brokers are also trying to participate in a trade 3) the specialist helps to match up a buyer and a seller by matching the highest bid with the lowest offer 4) when this match is made the trade is executed 5) the specialist assistant then enters the trade into the point-of-sale workstation

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