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)?
e) Specialists are assigned specific option classes; OBOs are not.
No. Both specialists and OBOs are generally in charge of a specific option class, although specialists often have several classes assigned to them.
f) a and d
a) Specialists may trade for their own account; OBOs may not.
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.
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