Floor trader

<h2 id="process-of-becoming-a-floor-trader">Process of becoming a floor trader</h2>
<p>Much experience must be gained about the <a href="/facts/Stock_exchange/lTJvjyVW">stock exchange</a> as possible because it is an extremely fast-paced and competitive work environment. This is crucial to becoming a successful floor trader. Some may decide to work for a brokerage to get an idea of how the system functions or, as mentioned, to work as a clerk or trade-checker for another person. This is often necessary in order to save money for purchasing a membership which can be expensive, though memberships can be leased on a monthly basis, rather than purchased.
</p><p>Every floor trader (FT) is required to file a completed online Form 8-R and have a fingerprint card. They must also have proof from a contract market that they have been granted the trading privileges to work on the trading field.<a class="footnote-ref" id="fnref:1" href="#fn:1"><sup>1</sup></a>
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<h2 id="rise-of-machines">Rise of machines</h2>
<p>The first major electronic alternative was the <a href="/facts/Instinet/5rLVquey">Instinet</a>, a machine that could bypass the <a href="/facts/Trading_floor/sy1GnhuC">trading floor</a> and handle one another on a personal basis. The use of electronic mediums to conduct tasks done by floor traders has increased throughout the years, however there are many exchanges in the United States such as the <a href="/facts/NYSE/XgSV32lk">NYSE</a> that prefer to use the open outcry method that involves verbal communication.
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<h2 id="see-also">See also</h2>
<ul><li><a href="/facts/Stockbroker/sB3Hzseh">Stockbroker</a></li>
<li><a href="/facts/Broker%2fdealer/W8fLBuKM">Broker/dealer</a></li>
<li><a href="/facts/Floor_broker/wn881dWA">Floor broker</a></li>
<li><a href="/facts/Proprietary_trading/maHKoQJs">Proprietary trading</a></li>
<li><a href="/facts/Market_maker/7v05Fsa3">Market maker</a></li></ul>

<h2 id="references">References</h2>

<ol>
<li id="fn:1"><p>"Floor Trader (FT)". National Futures Association. Retrieved 2 April 2014. <a href="http://www.nfa.futures.org/nfa-registration/floor-trader/index.HTML" target="_blank">http://www.nfa.futures.org/nfa-registration/floor-trader/index.HTML</a> <a href="#fnref:1" class="footnote-back-ref">↩</a></p></li>
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Floor trader open-in-new

Floor trader