It offered an electronic contract, which was faster and cheaper because it cut out the floor broker.
Under the hybrid model, most stocks would trade electronically and customers could ask for a floor broker to handle trades.
For decades the process has worked something like this: A floor manager at a booth relays an order to a floor broker.
Now he is a floor broker, whose job is to execute trades for buyers and sellers--hedgers and speculators betting on interest rates.
"Everybody is out there trying to replace the former function of the floor broker, " says Steve Sanders, a managing director and head of business development at Interactive Brokers.
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It used to be that to trade, you had to call a broker or show up on a trading floor and do battle.
Peter Donovan, an oil-options broker at Vantage Trading working on the floor of the New York Mercantile Exchange, said some traders quickly exited positions after the erroneous report of a terrorist attack.
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You'll get nicked a bit by the options floor traders, but probably less than the costs incorporated in the broker-sold note.
According to the complaint filed with the U.S. District Court of Southern New York, two senior employees of the securities broker firm told investigators that Madoff ran the advisory business from a separate floor of the securities firm offices.
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