third market maker

Third Market Maker

A third party on an exchange that is willing to buy or sell for a given price. Brokers often execute orders through third market makers either because the broker does not belong to a member firm on the exchange or because the third market maker pays the broker a small commission to direct trades to him/her.

third market maker

A firm that stands ready to buy or sell at publicly quoted prices a stock listed for trading on an exchange. A broker may send a customer order for stock listed on an exchange to a third market maker for execution.
References in periodicals archive ?
The brokerage firm can also direct the order to firms called "third market makers" who buy and sell stocks listed on an exchange at publicly quoted prices.