WHA ‘official order’
The order book official (OBO) is a member of the trading platform are responsible for maintaining a list of public market or limit orders of a specific class using a market-marker “system” execution of orders. Goal is to maintain a fair and orderly market in the assigned settings, including the execution of orders sent to member firms. In OVO kompensiruet the wages paid to him an exchange.
Punching of orders a book’
Orders officials are employees of the exchange and may not trade for its own account. Their only responsibility is to maintain market assigned to these options, including carrying out orders remain in the book. The term is sometimes used in reference to the current list of public market or limit orders on the stock exchange. For example, a list of specific state orders pending execution at the Chicago Board options exchange (cboe) can be called “official order”.
This is different from the designated market maker (DMM), formerly known as the specialist on the NYSE and other exchanges, which, as members of the exchange must trade your account in addition to the about function of maintaining a fair and orderly market and execution of orders on the books.
The MER is also responsible for maintaining a book of limit and stop orders left for him /her by the public. Participants may not leave such orders. When the specific conditions of the order observed that the order will be executed.
The role of the book the order of the official
The trade on the exchange options trading involves many different functions. Unlike other exchanges, including the stock exchange, the cboe index shares designated market-maker functions (specialist) into two separate functions. A market maker who acts as a dealer with his /her own inventory, and order book official who handles the book of limit orders of customers.
A market maker posts bids and offers for this contract. They also can work directly with the population. They also must maintain a continuous market through their offers and proposals.
The portfolio of orders of the official tracks for these positions has a group of choices and makes that the market remains fragile and fair. Obos may not act as dealers and do not hold inventory.
Broker floor broker acts as agent for clients, indirectly giving them better access to the exchange floor. Broker does not hold inventory.
Government orders have priority over orders from market makers and brokers.