Have you ever seen a movie about Wall Street where the investors are running around with bits of paper in hand, shrieking over one another? If you're like us, you've wondered how anyone keeps track of all those trades on scraps of paper...and evidently, other people did too.
The Broker Booth Support System is an electronic system designed to replace those paper slips. Operated from inside trading booths, Brokers enter all trade information into the system in real-time. It makes it easier to track sales of shares (if, for instance, it's been traded several times in rapid succession) and makes it easier to resolve disputes. There's even a handheld version introduced by the New York Stock Exchange for the more ADHD traders that need to move around a lot.
Occasionally, when the system goes down, traders have to resort to the old confetti system, but for the most part, the BBSS makes trading easier. And we'd have to think the person sweeping the floor at the end of the day has an easier job now too.
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Finance: What is FASB?9 Views
Finance a la shmoop what is FASB? ok first say it with me people FASB sounds
way cooler than Financial Accounting Standards Board alright well what is it
well it's a private regulatory body that has given birth to myriad opinions on [FASB definition appears on 100 dollar bill]
how things should be accounted for with its favorite child being GAAP.....
yeah, remember GAAP generally accepted accounting principles and it's the
religion of accounting so GAAP was the most famous creation of FASB, but
hundreds of other little creations followed in that the august group of
seven members who run FASB realized 50 years ago that the world would look a
whole lot different half a century later when you were countin beans like who'd have
thunk about digital beans accounting standards would have to be flexible [People stretching in a field]
almost in the same vague way the US Constitution is written so that when a
customer buys an upgrade from the people who make angry birds in an app sold by
Apple but downloaded by Comcast paid for with a Visa card while everyone would
know with certainty who got paid what when the key idea behind FASB is that
it's an adaptive group that changes with a quickly changing bean-counting
environment trying to make sure everything is you know fair and square
for all if you want to think about it in a mathy way well they seek to be the
derivative not the curve itself alright so you're living right here on the curve [Arrow points to derivative on a curve]
changing all the time dxdy and all that crap, FASB....
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