Have you ever seen a movie about Wall Street where the investors are running around with bits of paper in hand, shrieking over one another? If you're like us, you've wondered how anyone keeps track of all those trades on scraps of paper...and evidently, other people did too.
The Broker Booth Support System is an electronic system designed to replace those paper slips. Operated from inside trading booths, Brokers enter all trade information into the system in real-time. It makes it easier to track sales of shares (if, for instance, it's been traded several times in rapid succession) and makes it easier to resolve disputes. There's even a handheld version introduced by the New York Stock Exchange for the more ADHD traders that need to move around a lot.
Occasionally, when the system goes down, traders have to resort to the old confetti system, but for the most part, the BBSS makes trading easier. And we'd have to think the person sweeping the floor at the end of the day has an easier job now too.
Related or Semi-related Video
Finance: What is FINRA?5 Views
finance a la shmoop what is FINRA? Financial Industry Regulatory Authority
once again for those in the back that's Financial Industry Regulatory
Authority FINRA it's kind of a yoga mantra thing because firms get FINRA'd [Woman meditating with yoga]
every day well FINRA is the private agency that
regulates exchanges and brokerage firms that are members they administer tests
and actually create them you know like these the series exams which we just [Series exams appear]
happen to have shmoop if you've got 70 to 80 spare hours and want to give them
a looksie... think about all the bad PR that sleazy financial wheeler-dealers [Financial dealers discussing matters]
got back in the 1930s before the various acts were enacted you know the 33 34 40
nobody was gonna trust "Wall Street people" unless there was a kind
of Good Housekeeping Seal of fair-and-square dealers who made sure
that the various laws and compliance things were actually upheld..Note,
importantly that it isn't the job of FINRA or well any government body to
recommend buying selling or holding any particular security because you're gonna
make money it's only their job to be sure that the letter of the law is [Letter of law appears]
followed and that that letter is presented in a way so that everyone has
fair access to relevant and similar information it's all about making a fair
and square level playing field for all without that well Manhattan would look a
lot more like Mogadishu than Manhattan [Manhattan skyline appears]
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