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On an exchange, the member firm that is designated as the market maker (or dealer for a listed common stock). Member of a stock exchange who maintains a "fair and orderly market" in one or more securities. Only one specialist can be designated for a given stock, but dealers may be specialists for several stocks. In contrast, there can be multiple market makers in the OTC market. Major functions include executing limit orders on behalf of other exchange members for a portion of the floor broker's commission, and buying or selling for the specialist's own account to counteract temporary imbalances in supply and demand and thus prevent wide swings in stock prices.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.


A member firm on a securities exchange that the exchange's management charges with keeping a fair and orderly market on one or more securities. That is, a specialist serves as a market maker on its assigned securities by buying and selling them to ensure liquidity in the market. Brokers approach specialists to conduct to conduct transactions on their assigned securities. Each security on the exchange has exactly one specialist. A specialist is less commonly called an assigned dealer. See also: Book.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


A member of a securities exchange who is a market maker in one or more securities listed on the exchange. The specialist is the person on the exchange floor to whom other members go when they wish to transact or leave an order. Specialists are assigned securities by the exchange and are expected to maintain a fair and orderly market in them. Also called assigned dealer. See also book, Rule 104.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.


A specialist or specialist unit is a member of a securities exchange responsible for maintaining a fair and orderly market in a specific security or securities on the exchange floor.

Specialists execute market orders given to them by other members of the exchange known as floor brokers or sent to their post through an electronic routing system.

Typically, a specialist acts both as agent and principal. As agent, the specialist handles limit orders for floor brokers in exchange for a portion of their commission.

Those orders are maintained in an electronic record known as the limit order book, or specialist's book, until the stock is trading at the acceptable price. As principal, the specialist buys for his or her own account to help maintain a stable market in a security.

For example, if the spread, or difference, between the bid and ask, or the highest price offered by a buyer and the lowest price asked by a seller, gets too wide, and trading in the security hits a lull, the specialist might buy, sell, or sell short shares to narrow the spread and stimulate trading.

But because of restrictions the exchange puts on trading, a specialist is not permitted to buy a security when there is an unexecuted order for the same security at the same price in the limit order book.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
National Association of Clinical Nurse Specialists (NACNS) Chronic Conditions Task Force.
* patients' waiting times between referral for glaucoma assessment and first specialist assessment (either nurse specialist or ophthalmologist) pre and post introduction of clinical nurse specialist role;
Riggs of Lenexa, Kan., is a clinical nurse specialist at St.
Key words: advanced practice, clinical nurse specialist, expanded practice, nurse practitioner, nursing roles
I am a clinical nurse specialist who graduated from Rush University in Chicago where I was trained in direct patient care, including how to perform assessment, diagnosis and management of conditions, and prescribing treatments for acutely ill children.
Most of the specialists interviewed agreed with Marie Namey, clinical nurse specialist at the Cleveland Clinic's Mellen Center for MS Treatment and Research, that "any kind of exercise is helpful in keeping the bowel moving properly, even just stretching while you're in bed or a wheelchair.
"If I'd just done a bachelor of nursing, I'd be on the course with 98 per cent 18 or 19-yearold girls, which I wouldn't mind too much either, but I have made some lifelong friends on this course." He now works in Canterbury DHB's acute oncology ward and intends to become a clinical nurse specialist and nurse practitioner.
Clinical nurse specialist Alison Deeming and Professor Christopher Buckley, who work at Sandwell and West Birmingham Hospital NHS Trust (SWBH), have been given the joint healthcare champions gong by the National Rheumatoid Arthritis Society (NRAS).
However, the first person in Hamilton County to open a solo practice as a Clinical Nurse Specialist under the guidelines of TNA/TMA joint practice arrangement and with the approval of the Tennessee Board of Nursing was Jean B Blackburn, RN, MSN.
In addition there is Clinical Nurse Specialist Linda Gray, Acute Care Nurse Practitioner Amelia Howard-Hill, wound clinical nurse specialist Mandy Pagan, surgical coordinator Ann Paton and Clinical Nurse Specialist in Anaesthetic Preoperative Assessment Marianne Te Tau.
"Qatari women have an important role as examples to other women," says Masheal Abdulla Jassim, clinical nurse specialist in colorectal surgery at Hamad General Hospital.

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