What is a wire house?
If you have a bank account, you can usually use any branch of your bank to perform deposits, selections or otherwise. The reason you can do this is that all branches belonging to your bank, through computer communication, are basically "involved" together and have access to the same information, although high -speed communication means. This can also be called a wire house. Those who are old enough to remember the era of banking pre -calculates that the term is still relatively new. Before the ability to communicate via a computer from a bank to a bank, no company could be called Wire House. If you wanted immediate access to your funds, you would visit a bank that was your home branch because it had direct information about your bank balance.
When computers were first developed, it was massive machines that were not designed for home use. High -speed connections between different parts of society or differentThe branches of the same bank were common in businesses long before it was affordable for use at home. Only the largest companies could afford the cost of providing communication from the office to the office, and these companies were often brokerage companies. It has become common to mark a large brokerage company as wires because they were connected together, so the same information was available for all aspects of the company.
The name stuck, even though we now see examples of "cable" companies in different environments and is as common as air. At any point you can visit or call a stock broker and get up -to -date and latest information on stocks and drops on the market. You can even direct brokers to buy or sell stock that can often be done immediately and you can also get this information online.
The flow of information is not only among the branches of the typical Wire House, but also comes from primary sources such as various stock markets.High -speed communication also allows different companies to contact each other, such as two banks in communication on selection, written inspections or bank in communication with grocery store when you use shopping. Any company that has branches where each branch is able to quickly obtain information from a common source can be technically called a wire house, although this term is most applied to brokerage companies.