All > Business > Finance > Personal Finance
Floor brokers at a securities or commodities exchange handle client orders to buy or sell through a process known as a double action auction, in which brokers bid against each other to secure the best price.
The orders these brokers execute are sent to the floor of the exchange from the trading department or order room of the brokerage firms they work for. When a transaction is completed, the floor broker relays that information back to the firm, and the client is notified.
- Browse Related Terms: broker-dealer, Brokerage account, Brokerage firm, Brokerage window, Commission, Deep discount brokerage firm, Discount brokerage firm, Floor broker, Full-service brokerage firm, Internalization, Online brokerage firm, Online trading, Price improvement, Soft dollars, Wire room