The OE system, operating under NADAQ, first appeared in 1985 and became mandatory for all market makers after the collapse of the stock exchange that occurred in 1987. Small traders using this system can perform operations of buying / selling shares directly, without fear of wrong actions on the part of market makers. Cash shares are displayed on an electronic bulletin board, and trading is carried out electronically. All market makers put up their existing shares for sale at purchase and sale rates.
With the help of the OE system, traders choose the purchase / sale price, which seems to them the most attractive, and carry out their purchase / sale operations in just a few seconds. In Chapter 14, we will look more closely at how this is done.
When NYE started working indoors, some stocks were still not good enough for them to be sold on the stock exchange. These shares were called black market shares, and the existence of such shares eventually led to the emergence of another stock exchange, American Tock Exchange, or Amex, which later also moved to a specially designated room.At Atech exhibited stakes, smaller in size than those that are exhibited at the NYE, but which nevertheless there is a demand on a national scale. Many of the firms that initially registered their shares on Atech, subsequently achieved that their shares began to meet the requirements of NYE, and moved to this, more solid stock exchange.
Atech trades are conducted using an automated or manual order processing system. In the automated system, orders are sent electronically to the appropriate specialists, which virtually eliminates the use of paper documents in the operating room of the stock exchange. Through an automated order routing system called Booth Automated Routing ytem, electronic registration of transactions is carried out and reports are automatically generated for firms that are members of Atech. Instead of order books, which are usually used by specialists, Atech uses the New Equity Trading ytem system, which collects information about tenders and automates the process of updating and agreeing on orders, quotations and preparing reports on tenders, as well as regulating and researching detailed information about orders.
In addition, orders can be placed manually by contacting a broker working in the operating room of the stock exchange by phone. Manual placement of orders is usually initiated in cases when it comes to large or complex orders. Specialists in the appropriate share packages help collect buyers or sellers for the execution of such orders.
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