Stockbrokers are agents who buy and sell stocks, shares and other securities for their clients. They are paid commission. Jobbers, on the other hand, buy and sell securities in large quantities. They are the wholesalers. The jobbers are always to be found in the same spot in the London Stock Exchange. They congregate according to the type of security they specialize in. So you can find all the jobbers dealing with rubber shares in one place, those interested in shipping another, those concerned with mining in another, and so on. Jobbers make a profit like any other dealer. They usually quote two prices; they are prepared to buy any reasonable quantity of that share at the lower price, and to sell at the higher price. These prices vary, of course, from day to day and even hour to hour, according to the demand.
Perhaps a broke wants to sell five hundred shares in XYZ Pharmaceuticals for a client. He looks for the jobbers who deal in pharmaceutical shares. He asks the price of XYZ Pharmaceuticals, without saying whether he wishes to buy or sell. The jobber quotes him two prices—perhaps 75/79. This means that he will buy quantities of that share at 75 pence each, and sell them at 79 pence each. The broker then goes on to other jobbers and asks them the same question.
Eventually he chooses the best offer. The two men make a verbal agreement (nothing is written at this stage) and from that moment the broker’s client is the owner of those shares. When he goes back to his office, the broker has to write out a "contract note", which he sends to his client. This records the price, his commission, the tax on the transaction, and so on. For payment, both the buyer and the seller must sign transfer forms; these are sent to XYZ Pharmaceuticals for registration. Later, the buyer gets a certificate of the shares. The deal is now complete.
The London Stock Exchange has always been famous as a place for men. only, and women used to be strictly forbidden to enter. But the world is changing day by day, and even the Stock Exchange, which seemed to be a man’s castle, is gradually opening its doors to the other sex. On 16th November, 1971, a great decision was taken. The Stock Exchange Council (the body of men that administers the Stock Exchange) decided that Women should be allowed on to the new trading floor when it opened in 1973. But the "castle" had not been completely conquered. The first girls to work in "The House" were not brokers or jobbers. They were neither allowed to become partners in stockbroking firms, nor to be authorized dealers in stocks and shares. They were simply junior clerks and telephone operators. Women have been trying to get into the Stock Exchange for many years. Several votes have been taken in "The House" to see whether the members would be willing to allow women to become members, but the answer has always been "NO". There have been three refusals of this kind since 1967. Now women are admitted, although in a very junior capacity. Two firms of jobbers made an application to the Stock Exchange Council to be allowed to employ girl clerks. Permission was finally given. A member of the Stock Exchange explained, after this news had been given, "The new floor is going to be different from the old one. All the jobbers will have their own stands, with space for a telephone and typewriters. Therefore there will have to be typists and telephone operators. So women must be allowed in." This decision did not mean a very great victory in the war for equal rights for women. However, it was a step in the right direction. The Chairman of the Stock Exchange said, "I think that the opening of the new building will eventually lead to women being allowed to have full membership of the Stock Exchange. It is only a matter of time; it must happen". According to the text, what’s the job of a stock broker