What NYSE Floor Brokers Do On A Typical Workday

What NYSE Floor Brokers Do On A Typical Workday

February 23, 2022 Off By Laxman

When people think about the New York Stock Exchange (NYSE), they imagine groups of floor brokers mostly shouting at each other. Although they may appear to be arguing, they are actually working out the price of trades in an auction-based on what buyers will pay and sellers will accept. In the modern age of computers, most trades occur electronically, but some trades are still completed through face-to-face interactions.

The floor brokers are just one part of the financial workforce that also includes many back-office personnel. Many workers interact with the clients seeking to buy or sell securities. Some financial firms rely on Nice Call Recording equipment to keep a record of trading conversations. Office managers will purchase Nice Call Recording for desktops for use in offices, but floor brokers will use mobile devices due to their need to walk around the trading floor.

Prepping Before The Opening Bell

The NYSE opens for trading at 9:30 a.m., but floor brokers have plenty of work to do before the exchange’s trademark bell rings. Their clients, like banks or hedge funds, often call them to discuss what they want to buy or sell that day. Such calls might be conducted on phones outfitted with Nice VoIP Call Recording.

Floor brokers collect current information about stocks regarding their pricing activity. This information may help clients make decisions about how and when to conduct trades. Brokers might know who would be willing to pay a certain price. They also share rumors because investors are always hoping to take advantage of a trend before others know about it.

Starting at about 7:30 a.m. to 8 a.m., floor brokers research companies, read the news, and take calls from clients. Prior to the exchange opening, they begin to receive “look” requests. Someone with a look request in the morning wants to know what price a stock is expected to open at.

Flurry Of Activity At 9:30 A.M.

By 9:15 a.m., floor brokers become very active. This is a time of intense conversations as brokers work out their opening trades for the day. Once the bell rings at 9:30 a.m., the people on the trading floor enter a frenzy. The client conversations captured with NICE VoIP Call Recording provide a means of confirming exactly what people asked for when the brokers execute fast trades.

The pace of action quiets quickly by 9:45 a.m. or 10 a.m. Computers using algorithms will handle most of the trades until the end of the day.

Midday Work Duties

Throughout the day, brokers continue to handle requests for information from clients. They may refer some questions to specialists or track down answers themselves. They also have conversations with their colleagues to discuss market activity and get ready for the close of the market.

Another Rush Before The Closing Bell

A half-hour before the exchange closes at 4 p.m., clients will inundate brokers with calls. Clients want to know about the trading volumes and closing prices for specific stocks. Brokers frequently have to complete last-minute trades before the bell. Due to the urgency of some requests and the tight timeline, brokers depend on Nice Software to record what clients request so that they do not lose track of the details. Regulations also require financial firms to keep a record of trading conversations in case disputes arise in the future. A system that records and organizes call data with date and time stamps provides concrete evidence that can settle disagreements.