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When brokerage firm orders to buy and sell were handled manually, the back office of the firm was called the wire room.
People who worked there received the buy or sell orders that came in from brokers and transmitted them to the firm's trading department or floor traders for execution. The wire room also received notifications when the transactions were completed and sent those notifications back to the brokers who took the orders.
However, as electronic systems increasingly handle these communications, wire rooms have essentially disappeared.Yahoo Finance - Cite This Source - This Definition
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