our exchange community has grown since seventeen hundred two to more than thirteen hundred fifty more than six hundred fifty member firms more than twenty five hundred offices more than sixty four thousand people entering the order that funnel into the versatile market created by broad public participation and because most of the orders are executed in the regular auction markets let's take a closer look at it starting with a quick rundown on the men who transact your everyday business on these member for brokers for and usually partners in the member firms trading for you at the post where the stock you want to buy or sell is assigned to a more brokerage trading in an issue we call a crowd the specialist you can pick out because he frequently refers to this book the reporter record is transactions reported to him by the seller and sent the stock symbol size and price to the ticke governors and floor officials who oversee all trading activity the specialist clerk and the brokers clerk whose telephone links the floor to the order room to the man you will know  best broker because you and he are both professionals your member broker can help you make the best use of the market in carrying out your investment decisions suppose you had an order of moderate size it could be handle all at once the broker goes to his clerk and picks up the order he goes to the post gets the quote and joins the crowd as other brokers did offer with him he states his offer in a loud clear voice the sale is made and recorded there are no written contracts the brokers he reports to you that your order has been executed but your broker also knows that your needs may be different more complex possibly the block is alive or maybe you want more speed your firm's fraud broker may decide to enlist the specialist each specialist than average of eleven stocks with market activity constantly flowing around the specialist performs the first  activity on the floor he can also help institutional investors buy or sell with seven special block procedures the specialist block purchase for sale procedures you and your broker might be able to use in the specialist block purchase the floor broker is responsible for executing your order though he transacted on the exchange floor it is not a part of the regular auction market your broker offers your block to the specialist consults his book and makes in the price bid somewhat away from the current auction market our special procedures exchange approval must be obtained before the transaction can be completed this can usually be done very quickly when a specialist block transaction is completed there is no print on the ticker your broker earns a single commission the exchange distribution or acquisition or other procedures you might  and the necessary total has been accumulated the orders are then crossed in the auction market the seller pays all brokerage costs there is been no advance public today but after the cross is made word of the exchange distribution is carried on the ticke you might decide on the special offering or b when you use the special offering your broker sends out notice in advance the ticker carries word to buyers in six hundred cities and quickly brings to the market the buy order you need to buy or get this stock at net price the seller tails commission to the buyers broker the secondary distribution like the new issue allows your broker and other brokers in the securities industry to buy a portion large block for resale to the public or for their own accounts usually after trading hours the buyer gets his stock at fixed price no commissions so to help buy or sell  large blocks of stock the new york stock exchange offers the institutional investor a choice of seven special block procedures or on the sell side three on the by side seven special procedures supplementing the flexible central auction market and when you use a regular auction market there is no need to split up your block you may designate one broker to execute your entire order but you may still direct him to share the commission with other member firms this is one way to keep the price from getting away from you on the floor however let's assume you insist upon dividing your block among three broker you give this broker the first part of the order to sell after the execution is reported to you you give the second part of the block you'll just become your own worst enemy one broker come up lately in your confidence knowing exactly what you wanted could have been much more of a thing but the real test in times of crisis the exchanges open every minute of every business day its member firms are available to contact their lines are open to the phone the specialists are at their posts ready to team up with your broker ready to do their part in meeting the exchanges object to keep the market order the emergency passes the auction market created by public order responsive to your needs manned by experts it is central flexible liquid each day this market handles more than one hundred twenty five million dollars in buy and sell orders its special procedures its experience marketing provides you with all the techniques all the services to carry out your investment decision