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NYSE |
| NYSE is the largest national securities exchange. It is also a corporation with
1,366 members. In order to be a member a seat must be purchased, therefore
giving you the privilege of being able to execute trades using its facilities.
Most of these members (Commission brokers) are brokerage firms. At times
many brokerage firms have more than one member. |
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OTC |
| OTC uses NASD which is a self regulating agency for its members. NASDAQ was
later developed as a nationwide communications network which allows broker to
know the term offered by by all major dealers in securities covered by the
system (Level III, Level II, and Level I) |
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| NASDAQ's
OTC Bulletins Board |
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NASDAQ's OTC Bulletins Board -(pink sheets) these are published daily.
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Third
Market |
| Third Market - refers to the trading of any exchange-listed security in the OTC
market. |
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Fourth
Market |
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Fourth Market - This market does not have brokers and exchanges for transactions in
exchange listed stocks and other securities. The buyers and sellers deal
directly with each other. The computer which helps out with these
transactions is called Instinet.
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