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Definition: Broker Booth Support System (BBSS)
The Broker Booth Support System is a strategic full-service order management system that is used by the New York Stock Exchange (NYSE). It enables members to manage & place their orders more efficiently with all the data available. It acts as link between the trading booths on the floor and the brokers.
BBSS enables the floor broker to receive orders, re-route orders, issue reports and review other exchange services. Orders are quickly delivered through the BBSS which electronically transmits buy and sell orders from the member firms to their brokers on the exchange floor. The NYSE e-broker system makes use of wireless communication devices to speed up this order delivery process.
Investors issue different types of orders to their brokers in order to buy or sell securities.
• Market order: instructs the broker to execute the trade immediately at the best possible price.
• Limit order: places a minimum execution price on sell orders and a maximum execution price on buy orders.
• Validity Instructions: specify when an order must be executed. Some examples of validity instructions include day orders, Good-till-cancelled, fill-or-kill orders, etc.
• Stop orders: are not executed unless the stop price has been met. They can be used to prevent losses or to protect profits.
• Closing Instructions: instruct the trader to clear or settle a deal.
The BBSS allows NYSE to manage large trading volumes each day. Prior to the advent of the BBSS, traders and brokers relied on papers forms for communication and had to physically execute each order delivery.