Most Broker firm uses MWS (Multi Work Stations) or Terminal to process client’s orders. Some broker firm make use of OG (Open Gateway) and build their own system (BSS) (i.e. Broker Supplied System) to process client’s order instructions. All are possible with CAMS (Computer Aided Order Management System) because POP produces two versions of CAMS for different requirements of broker firms.
A simplest configuration will be just one BACK OFFICE SYSTEM, i.e. a settlement system (in POP system case, the main module SB-1). A broker firm will be able to run their business.
Usually, this type of broker firm is small in number of transactions. This does not mean that is a small broker. They may have few transactions a day, but the turnover may be very big. Therefore, we should not see them small firm.