New York Stock Exchange
Trading approximately 1.46 billion shares each day, the New York Stock Exchange (NYSE) is the leading stock exchange in the world. The exchange trades stocks for some 2,800 companies, ranging from blue chips to new high-growth companies. Each listed company has to meet strict requirements, as the NYSE strives to maintain its reputation of trading strong, high-quality securities.
Operating as a continuous auction floor trading stock exchange, the major players on the floor of the New York Stock Exchange are specialists and brokers.
Brokers are employed by investment firms and trade either on behalf of their firm's clients or the firm itself.
The broker moves around the floor, bringing 'buy and sell' orders to the specialists. Each specialist stands in one location on the floor and deals in one or several specific stocks, depending on their trading volume.
The specialist's job is to accept 'buy and sell' orders from brokers and manage the actual auction. It is also the specialist's job to ensure that there is a market for their specified stocks at all times, meaning they will invest their own firm's capital at times to keep the market active and maintain the shares' liquidity.
Specialists and brokers interact to create an effective system that provides investors with competitive prices based on supply and demand.
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