His or her job is to help set up large transactions big banks such as RBS, as well as big investors, while protecting their anonymity and details of their transaction, so that other traders cannot manipulate the market against them.

BBC: RBS: The embarrassing transcripts

The Financial Services Authority (FSA) is the regulator of the financial services industry in the UK. In March of 2008 the FSA enacted a regulation known as COBS 11.8.10R to require all telephone conversations and electronic communications to be recorded to and from traders, brokers, or anyone engaging in financial transaction that were likely to result in a trade.

FORBES: All Phone Calls With Brokers In The UK Now Recorded; Coming Soon To Europe and America

With transaction costs cut, prices for consumers were lower and profits for traders higher.

ECONOMIST: Economics focus: Worth a hill of soyabeans | The

The ongoing role of the floor traders and specialists is still a matter of debate, but the planned Archipelago transaction has boosted optimism that at least the NYSE is heading into the future with a more competitive, electronic-oriented business model.

FORBES: Hot Seats

Even experienced traders who would agree that factors such as the size and type of the transaction, the market for the security, and the speed and certainty of execution, are all relevant, would disagree as to the exact meaning of the term.

FORBES: Pensions and Brokerage: The Brokerage Battlefield Revisited (October 1, 2000)

At a low enough rate a financial transaction tax would not impact buy-and-hold investors at all, while barely ruffling active traders.

FORBES: A Tax Both Ayn Rand And Ralph Nader Could Love