Chapter 04 · Section 4.1
Market Maker vs. Specialist-1
What do the Competing Market Maker System and the Specialist system have in common?
a) Public orders have priority in the matching process.
b) Market makers have an obligation (i.e. not just the right) to quote according to certain requirements.
c) Instead of floor brokers there are market makers who have certain obligations to quote both buy and sell prices.
Both the Specialist System and the Competing Market Maker System are more regulated than the Commodity/Futures system.