The Third Market

The Third Market - 4-1The Third Market•It refers to the market where dealers and brokers who trade shares that are listed on an exchange away

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Unformatted text preview: 4-1The Third Market•It refers to the market where dealers and brokers who trade shares that are listed on an exchange away from the exchange.•Third market dealers typically display their quotes on the NASDAQ InterMarket system.•It competes with trades on exchange.•The third market may be open when exchange is closed or trading 4-2Alternative Trading Systems•These are nontraditional, computerized trading systems that compete with or supplement dealer markets and traditional exchanges•The most well-known ATSs are Electronic Communication Networks (ECNs) and the Electronic Crossing Systems (ECSs)•The trading of exchange-listed stocks 4-3Detailed Analysis of Exchange Markets•Exchange Membership•Major Types of Orders•Exchange Market Makers•New Trading Systems•Innovations for Competition•Future Trading Techniques and Exchange Mergers4-4Exchange Membership•Spet•Commission brokers–Employees of a member firm who buy or sell for the customers of the firm•Floor brokers...
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This note was uploaded on 01/19/2012 for the course FIN 4360 taught by Professor Davidbray during the Spring '12 term at Kennesaw.

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The Third Market - 4-1The Third Market•It refers to the market where dealers and brokers who trade shares that are listed on an exchange away

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