Chapter 04 · Section 4.1
Dealer vs. Broker
In which system are the functions of Dealer and Broker totally separate?
a) In the commodity/futures system (as used on CME).
b) In the Specialist System (as used on PHLX, AMEX).
c) In the Competing Market Maker System (as used on CBOE, EOE).
The commodity/futures system is the most liberal of the three systems we are looking at. The Competing Market Maker System is the most regulated one.