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Glossary Term: SPECIALIST

Definition(s) for SPECIALIST:


1. ) Also known as a market maker, a specia list refers to a stock exchange member who is designated to maintain a fair and orderly market in a specific stock. The specialist's job is to prevent imbalances in supply and demand for his assigned security. If a broker wants to buy a stock but there are no offers to sell it, the specialist fills the order himself by selling shares from his own account. And vice versa. If a broker wants to sell but no one wants to buy, the specialist buys the shares.

2. ) A market professional who manages the two-way auction market trading in the specific securities he or she has been assigned. He or she works for a specialist firm, which is an independent company in the business of trading listed securities.

3. ) An exchange member whose function it is to both make markets--buy and sell for his own account in the absence of public orders--and to keep the book of public orders. Most stock exchanges and some option exchanges utilize the specialist system of trading.


See Also:
SPECIALIST MARKET, SPECIALIST UNIT, SPECIALIST'S BOOK, SPECIALIST'S SHORT-SALE RATIO, NYSE SPECIALIST APPLICATION PROGRAMMING INTERFACESM(API), SPECIALIST ALGORITHM, SPECIALIST DISPLAY BOOK, SPECIALIST GO-ALONG, SPECIALIST INTEREST FILE, SPECIALIST - SPECIALIST GROUP - SPECIALIST SYSTEM, SPECIALIST SECURITIES


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