A member of an exchange who facilitates trading in a security by conducting an open outcry auction at a trading post on the floor of an exchange, posting bid and ask prices, and matching up buyers and sellers. If a shortage of either buyers or sellers develops, the specialist is also obligated to make a market in the security by buying or selling shares from his or her own inventory. See market maker.
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market order
registered competitive market maker
direct access trading (DAT)
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financial futures market
sterilized intervention
Right to buy