Chapter 24 Specialists. NYSE Structure. 1366 members (specialists & floor brokers) Seat = Member = Right to buy & sell on the NYSE Floor Approximately 3000 listed companies. Specialists. 7 specialist firms Approximately 450 specialists Typically 5 to 10 years on-the-job training
Chapter 25 of their quotes, the depth at their quotes, and price continuity.
Internalization, Preferencing, and Crossing
Discuss JFE paper