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The New York Stock Exchange NYSE is the most technologically advanced equities market in the world It is an order driven market run by a single market maker called a specialist The market is created by participant such as listed companies individual investors and member firms Buyers and Sellers meet on the floor of the exchange open fair and orderly to get the best price based on supply and demand There is a single limit order book where public limit orders are stored until they can be executed or are canceled by the submitter The limit order book is maintained by the specialist NYSE specialists have a number of affirmative obligations but are not required to maintain a continuous market where price movements should occur smoothly rather than in large jumps Additionally NYSE specialists are required to be supply liquidity when no one else wishes to Both of these features may serve as shock absorbers when public supplied liquidity is thin On an average day 146 billion shares are traded on the NYSE which are valued at 461 billion The NYSE was the most competitive market in 2004 for trading its listed stocks which provides investors with the lowest costs deepest liquidity and best prices In contrast to the NYSE NASDAQ is largely a quote driven market without any priority rules It is also the largest US electronic stock market NASDAQ lists more companies and on average trades more shares per day than any other US market with approximately 3300 companies It is home to category-defining companies that are leaders across all areas of business including technology retail communications financial services transportation media and biotechnology NASDAQ is the primary market for trading NASDAQ-listed stocks Approximately 54 of NASDAQ-listed shares traded are reported to NASDAQ systems Competing market makers or dealers establish quotes for the stocks they make markets in In contrast to NYSE specialists Nasdaq dealers have no affirmative obligations In addition to dealers there
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