Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
Showing 3 terms
A broking firm admitted to membership of an exchange, through which clients’ orders reach the order book.
Your broker, in the exchange’s language. Exchange-level charges and obligations — such as order-to-trade penalties — apply to the member rather than to you directly.
Placing a trading member’s servers inside the exchange’s data centre to minimise the time taken to send and receive orders.
Why the book on your screen has already been acted on. It is a reason to use depth for execution decisions rather than for prediction.
The number of orders a trading member places relative to the trades it completes, attracting exchange charges when it runs high.
The reason Indian order books flicker less than foreign ones. Placing and pulling thousands of orders costs the member money.