Runner
A broker employee who delivers a market order to the broker's floor trader. After a customer places an order to the broker's order taker, the runner will pass the instructions to the pit trader and wait for confirmation. Once the trade is executed, the runner will return to the order taker, confirming the order has been filled. Investopedia Says:
Runners are an important link between the customer and the floor trader. They are responsible for passing on the a customer's order to the broker in a timely fashion. The runner communicates all terms associated with a market order and whether the order is of a specific type. As exchanges have slowly shifted from a floor-based trading environment to electronic platforms, the need for runners has decreased as orders are processed electronically. Related Terms:
Broker
Exchange
Floor Trader - FT
Market Order
Order
Pit
Trader |