Series 14: 2.4.3.1. Floor Brokers

Taken from our Series 14 Online Guide

2.4.3.1. Floor Brokers

Brokerage firms employ floor brokers to execute trades on the exchange floor. Floor brokers may fill orders themselves or through a market maker or another floor trader.

The SEC prohibits floor brokers from initiating, directly or indirectly, any transaction for an account in which the member has an interest or where the member exercises discretion over time, choice of security, amount of security, or whether to buy or sell. This means that a floor broker cannot initiate proprietary trading and must only perform agency transactions (no principal

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