Trading and Exchanges Chapter 24: NYSE Specialists and Designated Market Makers
The New York Stock Exchange used to have these people called specialists. Each one was assigned a handful of stocks and was basically the boss of all trading in those stocks. They stood at a physical post on the floor, saw every order coming in, ran the opening auction, and traded with their own money when nobody else would. One of the most privileged positions in finance. And one of the most controversial.