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Program Icons
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Icon sizes: 256x256, 48x48, 32x32, 24x24, 20x20, 16x16 File formats: ICO, GIF, PNG, BMP ![]() ![]() ![]() ![]() Tags: icon pointer, icon layoutz, big love icons, icon nicholson, edit profile iconIt BECOMES ELECTRONIC 177On NYSE the majority of client orders is delivered through electronic system DOT (Designed Order Turnaround). System DOT entered in the early seventies, is intended to give the chance to brokers of actions from all country to enter small orders in electronic form. Since then system DOT is actively used by traders of actions for delivery of their orders to a floor, and now through it there passes it a share of volume of transactions with actions NYSE. When DOT-system was installed, considered that it will replace experts. Instead flow of orders through DOT has strengthened a role of experts at a stock exchange of actions. On the substance of NYSE the two-level market on which some orders are processed by experts, and large block transactions between it investors steal up and executed out of a floor. Management of large-size blocks out of a floor relieves the market of psychological influence which purchase or sale of 50 000 actions IBM on trading, for example, could render to a floor as one huge transaction. From the point of view of the future trader, such selection of purchases and sales out of a floor contradicts a principle of an openness of the future markets. If I traded in actions IBM through my personal computer in quality dejt-rejdera, I would like to know about the block transaction on 50 000 actions before it will occur, instead of after that. From the most beginning in 1960 NASDAQ was completely the electronic market, a network of brokers-dealers, and at it never was a trading floor. The prices of purchases and sales under actions are exposed by markets-makers and extend through system of quotations NASDAQ. On NASDAQ two basic types of orders are executed: 1. Orders on purchase and sale for a determined price. 2. The market orders executed on the basis of current price Quotations. Firms-members NASDAQ do the share markets by granting of quotations on purchase and sale. They also have the right to occupy an opposite side of transactions of clients. For example, the client calls to broker NASDAQ concerning the order on purchase Intel on 85. This order can be placed in "book" of warrants and is reflected in system NASDAQ as accessible it or the broker can occupy an opposite side of the given client transaction. In this case the firm of the broker will sell actions Intel on 85 in ![]()
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