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What do traders do on the floor?
Posted on 4/25/14 at 10:17 am
Posted on 4/25/14 at 10:17 am
I asked in a thread a while back and never got an answer, but what do the guys pictured below actually do? Who do they work for? If anyone has a good link to read, that would be great too!
2
Posted on 4/25/14 at 10:24 am to OnTheBrink
I'm assuming you're asking about the NYSE. These are dealers, brokers, and specialists that are just executing trades for their specific institutions' clients. They aren't trading their own money, and contrary to popular opinion they make money off of volume, not their own positions.
Businessweek does a good job summarizing what a day is like for someone on the floor of the NYSE. Keep in mind trade floors can be very different.
Businessweek does a good job summarizing what a day is like for someone on the floor of the NYSE. Keep in mind trade floors can be very different.
Posted on 4/25/14 at 10:26 am to OnTheBrink
I was reading the other day....or listening to a podcast....or watching a video, I can't remember which, but they said back in the day they were simply "runners" making orders for the people calling the shots up top.
I can't imagine what they do now considering everything is done electronically it seems.
I can't imagine what they do now considering everything is done electronically it seems.
Posted on 4/25/14 at 10:29 am to BennyAndTheInkJets
quote:
I'm assuming you're asking about the NYSE. These are dealers, brokers, and specialists that are just executing trades for their specific institutions' clients
And correct me if I am wrong Benny, but that is only for the Dow... The nasdaq is all digital
Posted on 4/25/14 at 10:32 am to rintintin
quote:
I can't imagine what they do now considering everything is done electronically it seems.
That's kind of what I was getting at, I, and probably most, sit at their computer and make trades. Is there a Sharebuilder "rep" there that puts my order in?
And Benny, thanks for the link!
Posted on 4/25/14 at 10:59 am to OnTheBrink
I was fortunate enough to get an escorted tour of the floor several years ago. Pre 9/11. At that time there still had transactions conducted via yelling at one another.
Posted on 4/25/14 at 11:01 am to Iowa Golfer
They do this Who put this dick on my back
This post was edited on 4/25/14 at 6:49 pm
Posted on 4/25/14 at 11:32 am to Iowa Golfer
quote:
I was fortunate enough to get an escorted tour of the floor several years ago. Pre 9/11. At that time there still had transactions conducted via yelling at one another.
I didn't get to go down on the floor but I got to see the ringing of the bell. it was all calm on the floor and 2 seconds later full on chaos.
Posted on 4/25/14 at 6:37 pm to Lsut81
quote:
And correct me if I am wrong Benny, but that is only for the Dow... The nasdaq is all digital
The Dow and Nasdaq are indices, not exchanges. The vast majority of all stocks are traded electronically whether via an algorithm or manually. Essentially all equities, equity derivatives and futures can be traded electronically now, bond volume is even moving this way but at a slower rate.
Posted on 4/25/14 at 6:44 pm to Chris Farley
I'm sorry, I completely misspoke not thinking ahead...
Don't know why I said Dow, I meant NYSE.
Don't know why I said Dow, I meant NYSE.
Posted on 4/25/14 at 7:03 pm to Lsut81
Yea I think you are right though, there is floor trading at the NYSE but not sure that they have it at the NASDAQ.
Posted on 4/25/14 at 7:39 pm to Chris Farley
quote:
NASDAQ.
NASDAQ OMX Group does have exchanges that hybrid electronic/floor traded
Posted on 4/26/14 at 4:48 am to southernelite
I got the chance to visit the NYSE back in October. Not many traders on the floor anymore, everything is done over the computer.
Posted on 4/27/14 at 8:15 am to Chris Farley
quote:
The Dow and Nasdaq are indices, not exchanges
The Nasdaq is an exchange.
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