ECON394Lecture2*mission(SEC),buttheyareconsideredself-anizations(SROs)(NYSE)andtheAmericanStockExchange(AMEX).In1998,theNationalAssociationofSecurityDealers(NASD)$(NASDAutomatedQuoteSystem).TheNASDwentpublicin2001,(ordingtotheSEC).ECON394Lecture2*,:*TheNYSETradingFloorVirtualtourECON394Lecture2*esstothefloor,,$,,-representedbythefloorbrokers-*,thepriceatwhichsharescanbebought(bid)orsold(offerorask)andthequantityofsharesavailableateachprice,,$*TheSpecialist–Agent&PrincipalSpecialistsactasagents,,NYSEspecialistsactasagents,,likethemarketcrashofOctober19,(77%)ofNYSEvolumeisaresultofpublicordermeetingpublicorder--individuals,institutionsandmemberfirmsinteractingdirectlywitheachothe
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