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New York Stock Exchange (NYSE)

The NYSE marketplace blends public pricing with assigned dealer responsibilities. Aided by advanced technology, public orders meet and interact on the trading floor with a minimum of dealer interference. The result is competitive price discovery at the point of sale. Individual and institutional investors, member firms trading for their own accounts, and assigned specialists provide liquidity in the NYSE auction market system. The NYSE is linked with other markets trading listed securities through the Intermarket Trading System (ITS). NYSE-assigned dealers, known as specialists, are responsible for maintaining a fair and orderly market in the securities assigned to them. Most trading, however, is conducted by brokers acting on behalf of customers, rather than by dealers trading for their own accounts. For this reason, the NYSE is often described as an agency auction market. The interaction of natural buyers and sellers determines the price of an NYSE-listed stock.