The storied New York Stock Exchange in lower Manhattan is a symbol of American capitalism.
And the floor brokers, specialists and designated market-makers (DMMs) on the trading floor are the face of Wall Street, constantly appearing in photographs, newspapers and on financial television.
Still, despite their visibility, it's not easy to tell what they're actually doing down there.
Being curious for some detail, we decided to ask a floor broker, who spoke only on the condition of anonymity, to explain his job and daily routine.
A floor broker executes orders for their clients. They do not execute on their own accounts.
To put it simply, a floor broker is someone who represents client orders at the point of sale on the NYSE floor, our source explained.
Almost all NYSE floor brokers trade on an "agency" basis, meaning they don't trade for themselves or their firm like market-makers do.
A floor broker provides information for their clients. They are the 'eyes and ears' for their clients' stocks.
A floor broker's clients can include banks, broker-dealers, hedge funds, mutual funds, pension funds, day traders and even some high net-worth individuals.
"We are the 'eyes and ears' to our clients' stocks. We give them market color, let them know of market rumors and find liquidity from the other hundred or so floor brokerage shops," our source told us.
They earn a living from commission on each share traded.
A floor broker earns commission for each share traded.
This can be anywhere from half a penny per share or five cents a share, the floor broker explained.
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