Glossary - Specialist / Specialist System
A New York (NYSE) or American (ASE) Stock Exchange member whose function is to maintain a fair and orderly market in a given stock or a given class of options. The specialist accomplishes this by managing the limit order book and making bids and offers for his own account in the absence of opposite side bids and offers from public investors.



Glossary definition courtesy of Glenn R. Pafumi, CFA at OptionTraderOne
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