![](https://cdn.prod.website-files.com/6271b014197795419a5c8260/629677df2c5d75fc12f6e4b9_overview.png)
Defining Communication in Markets Overview
Now that we have laid out the different types of participants in the US equities market and what their goals might be, we'll move on to discussing the logistics of communications between them.
![](https://cdn.prod.website-files.com/6271b014197795419a5c8260/629677f478f3c209193ab9a5_trading%20day.png)
The Trading Day
The primary concept of the "trading day" refers to the hours from 9:30 am to 4:00 pm, eastern standard time, Monday through Friday, except for certain declared market holidays.
![](https://cdn.prod.website-files.com/6271b014197795419a5c8260/6296784064a4c55f696ab7d6_pricing%20increments.png)
Pricing Increments
Would-be buyers and sellers of securities on exchanges must advertise prices over $1 in whole pennies, and trades must be executed at whole penny increments with some notable exceptions.
![](https://cdn.prod.website-files.com/6271b014197795419a5c8260/629678bae288b51f48165070_investors%20and%20brokers.png)
Communication between Investors and Brokers
Once an investor has decided what they'd like to buy or sell, how much, and some goals in terms of price and/or timing, they need a way to communicate this to a broker.
![](https://cdn.prod.website-files.com/6271b014197795419a5c8260/6296797ea438a9adcca5aaf4_proprietary%20traders%20and%20trading%20venues.png)
Communication between Brokers/Proprietary Traders and Trading Venues
There is a lot of information that flows back and forth between the trading venues and their members (the brokers and proprietary traders who are trading on their platform).
Coming soon...
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