Broker Booth Support System (BBSS) Definition is discussed in detail in this article. You will find it helpful and informative.
The Broker Booth Support System (BBSS) can be defined as an electronic system mostly used by the New York Stock Exchange (NYSE) for the emitting of orders among brokers and trading booths on the base of the exchange.
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Prior to the development of the Broker Booth Support System (BBSS), brokers made use of paper forms in order to send runners for the delivery of orders to the base traders for any formal process which can involve a contract being made valid and put into binding effect or for carrying out of an instruction, program segment by a computer.
Furthermore, with the movement of the concept into reality, the business of the Broker Booth Support System (BBSS) has gotten to a state of being well arranged or disposed enabling the flow to become capable of moving with great speed, quick, and well adequate in the movement of greater volumes in the concept of trading.
Precisely in 2004, as development was made gradually the NYSE was made as a substitute for Broker Booth Support System (BBSS) with a reformed and recently made electronic messaging system popularly known as the NYSE Trade works.
As technology developed, the NYSE Trade works were created to purpose the same purpose the Broker Booth Support System (BBSS) performed, but the distinguishing with an operational transformation to avoid any downtime such that the operation can be changed in scale or any resizable way in order to handle or control the excessive growth of volumes in trading.
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With the advent of electronic trading in the 90s, stock exchanges started to take advantage of new technology to improve how financial trading was done. The goal was to make the execution of buy and sell orders faster, more accurate, and more efficient.
The NYSE has become a tool or instrument for working with the Broker Booth Support System (BBSS). This is often described as a personally developed electronic order management system that was installed during the trading booths on the base.
Most base brokers made all entries depending on the available information entered into the processing system, allowing the information to remain at available digital trails and timestamps.
This helps in maintaining the integrity of the trading process in the period of about 24 to 26 hours and in most cases it is rated on a daily basis.
In the process of logging into the system, every keystroke is expected to trade within a more reliable form such as if any fault is developed or discovered often time, it can be rapidly broken down into constituent parts, to decompose, disintegrate, and return to a simpler constitution or a primeval state.
Many users have advocated that the efficient use of the system can generate customized reports from all the data that can be successfully processed by a compiler into executable code and arranged in working order using the system.
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On the other hand, the BBSS was quick and more efficient, but it lacked a major characteristic which is the ability to be fail-proof.
For instance during the use of BBSS, if the system develops some fault to a process that it shuts down, automatically this is capable of resulting in partial stoppages throughout the processing order.
This had a crucial effect on the brokers by causing brokers who were on the base to go back to the primitive method of writing orders on paper and putting them over to the trading booths for a limited time, or other transient technical issues to be resolved in an ephemeral manner.
In such cases, the process of robust redundancy functionality was practiced to assist in the prevention of system issues occurring in the time ahead especially those moments yet to be experienced.
It is vital to know on the Broker Booth Support System (BBSS) was not the only contemporary process of implementing electronic trading connected to the NYSE.
To ensure it avoided wastefulness and possessed the quality of being suitable, the NYSE laid off e-Broker handheld devices mostly used for the base. To encourage major brokers to wander on the base without restrictions.
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The Broker Booth Support System (BBSS) has enhanced the movement of the NYSE from one electronic trading era to another. This is done to dismiss the desire for brokers to write off trade orders on paper slips for delivery and this kind can only be physically run by the base traders.