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Trading on the London Stock Exchange is carried on through a unique system of brokers and jobbers. A broker acts as an agent for his customers; a jobber, or dealer, transacts business on the floor of the exchange but does not deal with the public. A customer gives an order to a brokerage house, which relays it to the floor for execution. The receiving broker goes to the area where the security is traded and seeks a jobber stationed in the vicinity who specializes in the particular issue. The jobber serves only in the capacity of a principal, buying and selling for his own account and dealing only with brokers or other jobbers. The broker asks the jobber's current prices without revealing whether he is interested in buying or selling. The broker may seek to narrow the spread between the bid and ask quotations or he may approach another jobber handling the same issue and undertake the same bargaining process. Eventually, when satisfied that he has obtained the best possible price for his client, the broker will complete the bargain.
A broker is compensated by the commission received from the customer. The jobber seeks to maximize his profitable business by adjusting his buying and selling prices. As the ultimate dealer in the London market, the jobber's activities provide a stabilizing factor, but unlike the specialist on the New York Stock Exchange, the jobber is under no obligation to help support prices. The growing importance of institutional customers has increased the size of transactions in the London market as it has in the U.S., and therefore the jobber has been compelled to risk larger sums. To offset this risk, arrangements for a particularly large order may be negotiated beforehand and the transaction put through the floor as a matter of procedure, with the jobber accepting a minimum “turn.” Although the jobbing system provides a continuous market, it does not employ the auction bidding of the New York exchange.
简单来说， jobber 就是比broker 高一层， 只与broker 或其他jobber交易，不与大众交易。 他们可以调整价格， 然后给broker. jobber比较专于某部分的证券
A broker is compensated by the commission received from the customer. The jobber seeks to maximize his profitable business by adjusting his buying and selling prices. As the ultimate dealer in the London market, the jobber's activities provide a stabilizing factor, but unlike the specialist on the New York Stock Exchange, the jobber is under no obligation to help support prices. The growing importance of institutional customers has increased the size of transactions in the London market as it has in the U.S., and therefore the jobber has been compelled to risk larger sums. To offset this risk, arrangements for a particularly large order may be negotiated beforehand and the transaction put through the floor as a matter of procedure, with the jobber accepting a minimum “turn.” Although the jobbing system provides a continuous market, it does not employ the auction bidding of the New York exchange.
简单来说， jobber 就是比broker 高一层， 只与broker 或其他jobber交易，不与大众交易。 他们可以调整价格， 然后给broker. jobber比较专于某部分的证券
参考资料： http://www.britannica.com/eb/article-27313
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