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Specialist
On an exchange, the member firm that is designated as the market maker (or dealer for a listed_stocks common stock). Member of a stock_exchanges 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_order on behalf of other exchange members for a portion of the floor_broker commission, and buying or selling for the specialist's own account to counteract temporary imbalance_of_orders in supply and demand and thus prevent wide swings in stock prices.
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