The Role of the Floor Broker

What this video covers

• Which floor activities only members may perform, and what an approved booth clerk may process without quoting or accepting bids and offers
• Why the booth clerk exception attaches to the approved booth premise, not to the clerk personally
• How Floor Broker Interest means orders represented orally at the point of sale, regardless of order size or customer type
• How a manual cross requires an offer at least one minimum variation above the broker's own bid, followed by an announcement of both orders to the Crowd with a Trading Official present
• How the Cross Function monitors the protected best bid and offer (PBBO) under Securities and Exchange Commission (SEC) order protection rules, then alerts the broker, captures a time-stamped quote, starts a 20-second timer, and permits the trade to print
• Why Cross Function eligibility requires at least 10,000 shares or a market value of $200,000, and excludes house, associated-person, and discretionary accounts
• Why a designated market maker's duty to support a fair and orderly market is required only in so far as reasonably practicable, making it an effort standard rather than a guarantee