Exhibition books are used to record data related to the execution of orders in market exchanges. The NYSE Display Book is a well-known example. Before computers, specialists used notebooks, but today e-books and software packages make it easier to keep up with market activity.
An exhibition book is a tool used in many different market exchanges. The main functions of the book have to do with the timely recording of data related to the execution of orders. Data of this type is typically organized using a number of different criteria, including the type of order placed, the price associated with the order, the number of units involved, and the time the order is placed. Specialists who make use of a show book approach will often keep books on each security they trade.
One of the best known examples of an exhibition book is used on the New York Stock Exchange. Usually referred to as the NYSE Display Book, the entries made in the registry make it much easier to keep track of the current status of pending orders, as well as identify when those orders are filled. This approach allows the flow of orders through the exchange to be managed more efficiently. Entries are made in the book simultaneously with the data feed via the consolidated tape which provides real-time information on market events.
Other exchanges around the world also make use of the showbook as a recording and tracking tool for exchange activity. In years past, there was more variation in how data was organized within books. As new methods of record keeping emerged, the need to standardize the arrangement of data became apparent. While there is still some difference in how information is recorded within the ledgers associated with a given exchange, the formats are often similar enough to allow interested parties to quickly locate the necessary information.
Before the advent of computer technology, the process of maintaining an exhibition book was a completely manual process. Each specialist associated with the business activity would use a simple notebook that was filled with pages arranged in columns. Order-related entries, including date and time, type, and quantity, were written to the columns as quickly as possible. This created a situation where various scribes or assistants were required to keep up with the constant influx of orders and ensure they were executed in a timely manner.
Today, e-books are the norm, allowing specialists to quickly flip from one book page to another. There are software packages that can allow a specialist to post entries from one screen instead of going to different screens to enter different transactions. This has made it much easier to keep up with market activity, as well as being able to generate charts and graphs that capture data related to trading activity in a security within a specific time period.
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