Chapter 04 · Section 4.1
Dealer vs. Broker
In which system are the functions of Dealer and Broker totally separate?
b) In the Specialist System (as used on PHLX, AMEX).
No. The specialist may act as both a market maker and as a broker, whereas the ROTs (Registered Option Traders) in the specialist system may perform both functions but not on the same day.
c) In the Competing Market Maker System (as used on CBOE, EOE).
a) In the commodity/futures system (as used on CME).
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