Chapter 04 · Section 4.1

Specialist vs. Order Book Official

Which of the following are differences between a Specialist ,in the Specialist System used on PHLX and AMEX, for instance, and an Order Book Official(OBO) in the Competing Market Maker System used on the CBOE)?

• a) Specialists may trade for their own account; OBOs may not.
  No. (a) is correct, but this is not the only correct response.
  b) OBOs may trade for their own account; Specialists may not.
  c) Specialists are exchange employees; OBOs are employed by a member firm.
  d) OBOs are exchange employees; specialists are employed by a member firm.
  e) Specialists are assigned specific option classes; OBOs are not.
  f) a and d

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