// THE POSITION BOOK — 56 BADGES, TWO RINGS

Read the pit like a clearing clerk: every position badged, every ring labeled.

Our registered scope contains fifty-six trading categories, stationed on two rings: PIT S — securities brokerage, dealing, and underwriting (32), and PIT C — commodity contracts, futures, foreign exchange, and virtual currency (24). Scope boundaries are marked below.

PIT S — Securities Desks

T-01 — T-32 · BROKERAGE & PRINCIPAL DEALING
T-01Banking, investmentIB
T-02Bond brokeragesBROKER
T-03Bond dealing (i.e., acting as a principal in dealing securities to investors)PRINCIPAL
T-04Brokerages, securitiesBROKER
T-05Certificate of deposit (CD) brokers' officesBROKER
T-06Commercial note brokers' officesBROKER
T-07Commercial paper dealing (i.e., acting as a principal in dealing securities to investors)PRINCIPAL
T-08Discount securities brokeragesDISCOUNT
T-09Investment bankingIB
T-10Making markets for securitiesMKT-MAKER
T-11Market making for securitiesMKT-MAKER
T-12Mutual fund agencies (i.e., brokerages)AGENCY
T-13Mutual fund agents' (i.e., brokers') officesAGENCY
T-14Online securities brokeragesONLINE
T-15Paper, dealing of commercial (i.e., acting as a principal in dealing securities to investors)PRINCIPAL
T-16Securities brokeragesBROKER
T-17Securities brokers' officesBROKER
T-18Securities dealers (i.e., acting as a principal in dealing securities to investors)PRINCIPAL
T-19Securities dealing (i.e., acting as a principal in dealing securities to investors)PRINCIPAL
T-20Securities distributing (i.e., acting as a principal in dealing securities to investors)PRINCIPAL
T-21Securities floor brokersFLOOR
T-22Securities floor traders (i.e., acting as a principal in dealing securities to investors)FLOOR
T-23Securities flotation companiesFLOTATION
T-24Securities originating (i.e., acting as a principal in dealing securities to investors)PRINCIPAL
T-25Securities trading (i.e., acting as a principal in dealing securities to investors)PRINCIPAL
T-26Securities underwritingUW
T-27Stock brokeragesBROKER
T-28Stock brokers' officesBROKER
T-29Stock options brokeragesOPTIONS
T-30Stock options dealing (i.e., acting as a principal in dealing securities to investors)OPTIONS
T-31Trading securities (i.e., acting as a principal in dealing securities to investors)PRINCIPAL
T-32Underwriting securitiesUW

PIT C — Commodity & Currency Posts

T-33 — T-56 · FUTURES, FX & VIRTUAL CURRENCY
T-33Brokerages, commodity contractsFUTURES
T-34Commodity contract pool operatorsCPO
T-35Commodity contract trading companiesFUTURES
T-36Commodity contracts brokeragesFUTURES
T-37Commodity contracts brokers' officesFUTURES
T-38Commodity contracts dealing (i.e., acting as a principal in dealing commodities to investors)PRINCIPAL
T-39Commodity contracts floor brokersFLOOR
T-40Commodity contracts floor traders (i.e., acting as a principal in dealing commodities to investors)FLOOR
T-41Commodity contracts floor trading (i.e., acting as a principal in dealing commodities to investors)FLOOR
T-42Commodity contracts options brokeragesOPTIONS
T-43Commodity contracts options dealing (i.e., acting as a principal in dealing commodities to investors)OPTIONS
T-44Commodity contracts traders (i.e., acting as a principal in dealing commodities to investors)PRINCIPAL
T-45Commodity futures brokeragesFUTURES
T-46Financial futures brokeragesFUTURES
T-47Foreign currency exchange brokering servicesFX-BROKER
T-48Foreign currency exchange dealing (i.e., acting as a principal in dealing commodities to investors)FX-DEALER
T-49Foreign currency exchange services (i.e., selling to the public)FX-PUBLIC
T-50Futures commodity contracts brokeragesFUTURES
T-51Futures commodity contracts brokers' officesFUTURES
T-52Futures commodity contracts dealing (i.e., acting as a principal in dealing commodities to investors)PRINCIPAL
T-53Trading companies, commodity contractsFUTURES
T-54Virtual currency (cryptocurrency) brokeringCRYPTO
T-55Virtual currency (cryptocurrency) dealingCRYPTO
T-56Virtual currency exchange services (i.e., selling to the public)CRYPTO
// READING THE BOOK

Three distinctions the rings preserve.

Broker ≠ dealer

A broker acts as your agent; a dealer acts as principal on the other side of your trade. The parentheticals in the list — "acting as a principal" — mark the dealing positions. The rings keep both visible.

Securities ≠ commodities

Stocks, bonds, and underwritings (outer ring) fall under securities law; futures, FX, and virtual currency (inner ring) fall under a different regime entirely. They're in the same pit but not on the same ring.

Scope is not an account

Listing a position describes registered scope — not an open account, a trading channel, or a claim of registration. See the Terms.

// STILL READING

Bring a question about a position to the desk.

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