Commentary

Jared Dillian
Traders Magazine Online News

Was it Worth It?

In this piece from 10th Man, author Jared Dillian discusses how the ETF revolution is less about ETFs and more about indexing; about how people have come to view stocks less as stocks and more as blobs of stocks.

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September 22, 2005

Floor Brokers Making Their Calls

By Peter Chapman

NYSE floor brokers are making over 12,000 cell phone calls per day on average and taking in another 5,600, according to a recent regulatory filing by the Big Board. Most calls made by brokers are going to their booths. The rest are made to upstairs desks on the sellside and the buyside. Those calls brokers receive are split evenly from their booths and outside the exchange.

Of the 12,000 calls made by brokers in the crowd on a typical day, about 8,800, or 73 percent, are made to their booths. The remaining 3,200 are external calls. Of the 5,600 calls received, 2,800 come from outside and another 2,800 come in from the booths. The New York's floor brokers have only been permitted to use cell phones since 2003. There are approximately 800 now in use.