The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network TIP 005 : Working on the Floor of the NY Stock Exchange (Investing Podcast)
6 snips
Oct 21, 2014 AI Snips
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From Film Sets To The Trading Floor
- Gregg Pisani switched from film work to the NYSE after movies dried up and a friend suggested Wall Street. He started as a clerk for two-dollar brokers and then joined a major specialist firm (Spear, Leeds & Kellogg).
How The Floor Prepares For The Open
- Trading booths are physical hubs where brokers and clerks process mixed electronic and paper orders and prepare before the bell. Specialists used pre-open order books and screens to judge where a stock would likely open at 9:30 AM.
Specialists Shape Short-Term Price Moves
- Specialists could influence short-term price movement based on their inventory and incoming order flow. They had rules about tick-direction initiation which limited when they could buy or sell first.