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Broker Booth Support System (BBSS)

Broker Booth Support System (BBSS)
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What Is the Broker Booth Support System (BBSS)?

The Broker Booth Support System (BBSS) was a far reaching electronic system utilized by the New York Stock Exchange (NYSE) to send orders among brokers and trading booths on the floor of the exchange. The BBSS was a very efficient method for directing order flow in the beginning of electronic trading.

Before its approach, brokers utilized paper forms and sent sprinters to provide orders to the floor traders to execute. The BBSS allowed the NYSE to handle daily trade volumes in excess of one billion shares. In 2004, the Broker Booth Support System (BBSS) was supplanted by NYSE Tradeworks, another electronic system carried out by the NYSE.

Understanding the Broker Booth Support System (BBSS)

With the appearance of electronic trading during the 90s, stock exchanges began to exploit new technology to further develop how financial trading was finished. The goal was to make the execution of buy and sell orders faster, more accurate, and more efficient.

The NYSE executed the Broker Booth Support System (BBSS), a self-developed electronic order management system that was introduced at all the trading booths on the floor. Floor brokers entered all data into the system, leaving digital paths and timestamps to protect the integrity of the trading system over the course of the day.

With each keystroke signed into the system, trades could be confirmed, and questions could be settled rapidly. Users could create modified reports from every one of the data gathered and organized in the system. While the BBSS was fast and efficient, it was not failproof. There were occurrences during its tenure when the system went down, causing partial stoppages all together processing.

Brokers on the floor needed to return to the outdated method of getting orders written down and running them over to trading booths until the brief technical issues were settled. Robust overt repetitiveness functionalities were then executed to assist with forestalling future system issues.

Ancillary BBSS Devices

The Broker Booth Support System (BBSS) was by all accounts not the only modern implementation of electronic trading that the NYSE executed. For added proficiency and convenience, the NYSE carried out e-Broker handheld gadgets for floor use, so that brokers could meander around the floor unreservedly, without sitting in a booth.

The NYSE likewise introduced X terminals to sit at customer sites. The X terminals, supplied by the NYSE yet introduced by customers, were associated with the BBSS on the exchange floor, giving remote users the full scope of BBSS administrations.

NYSE Tradeworks

In 2004, following 10 years of utilizing the Broker Booth Support System (BBSS), the NYSE chose to upgrade their system with another platform called NYSE Tradeworks. NYSE Tradeworks was made related to IBM determined to get rid of downtime and taking into account scalability for dealing with steadily expanding volumes.

As per the then chief technology officer (CTO) of the NYSE, Roger Burkhardt, "BBSS set the standard for giving efficient effective order-management abilities in support of member firms' trading activities on the floor. With Tradeworks, the NYSE will offer similar usefulness, adding new elements and a better UI."

NYSE Tradeworks was likewise able to give real-time data, guaranteeing that traders were making trades faster as well as more accurately given the simple entry to top notch data. Lehman Brothers, presently defunct, was perhaps the earliest foundation to test and involve NYSE Tradeworks as it was gradually carried out north of a 18-month period.

Features

  • The Broker Booth Support System (BBSS) was an electronic system utilized by the New York Stock Exchange (NYSE) to send orders among brokers and trading booths on the floor of the exchange.
  • In 2004, the NYSE supplanted the Broker Booth Support System (BBSS) with another electronic informing system known as NYSE Tradeworks.
  • With the implementation of the Broker Booth Support System (BBSS), order flow turned out to be faster and significantly more efficient, taking into consideration higher trading volumes.
  • NYSE Tradeworks considered a similar usefulness as the Broker Booth Support System (BBSS), yet meant to get rid of any downtime and considered scalability, to oversee steadily developing volumes of trading.
  • Before the utilization of the Broker Booth Support System (BBSS), brokers utilized paper forms and sent sprinters to provide orders to the floor traders for execution.

FAQ

Did All of the Financial Exchanges Use the Broker Booth Support System (BBSS)?

No, the Broker Booth Support System (BBSS) was a proprietary electronic system just utilized by the New York Stock Exchange (NYSE). Different exchanges developed and utilized their own electronic trading systems.

Does the NYSE Still Use the Broker Booth Support System (BBSS)?

No, the NYSE no longer purposes the Broker Booth Support System (BBSS). The system was carried out in 1994 and stopped being utilized 10 years some other time when it was supplanted with another system with further developed usefulness. The new system was called NYSE Tradeworks.

Why Was the Broker Booth Support System Important (BBSS)?

The Broker Booth Support System (BBSS) was important on the grounds that it moved the NYSE into the electronic trading period, eliminating the requirement for brokers to get their trade orders written down slips to be delivered truly by sprinters to the floor traders. With BBSS, the whole cycle was handled electronically, which worked on the productivity and exactness of trading.