NYSE Market Structure: Members, DMMs, SLPs, and Order Flow

Members of NYSE

since 2006, Trading privileges and ownership became separate.

Designated Market Makers (DMMs)

Dealers in particular stocks. Formerly known as 'specialists.'

Floor brokers

Execute customer buy and sell orders.

Supplemental Liquidity Providers (SLPs)

Active participants in stocks assigned to them. Their job is to make a one-sided market (i.e., offering to either buy or sell). They trade purely for their own accounts.

Order flow

The flow of customer orders to buy and sell securities.

DMMs Post

A fixed place on the exchange floor where the DMM operates.

Over-the-counter market

Securities market in which trading is almost exclusively done through dealers who buy and sell for their own inventories.

Inside quotes

The highest bid quotes and the lowest ask quotes for a security.