A floor broker (also called a pit broker) is a member of an exchange who as an individual purchases or sells commodity futures, options or listed securities on a contract market or securities exchange for any other person from the trading floor (or the pits) of an exchange.
A floor broker for U.S. futures trading must register with the National Futures Association. However, in U.S. futures a registered floor broker need not also register as a floor trader in order to engage in activity as a floor trader.
Floor brokers receive orders by paper order, by hand signals, over a computer or by phone.
- www.nfa.futures.org. National Futures Association, FB Registration.