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Stay calm. You don't want to be the one freaked-out buffalo who starts a stampede. You'll be ribbed for weeks.

Intro to the Exchanges Drill

  • 1.

    Use this table for the following question

    Specialist's Book: XYZ Common
    BID / SizePriceASK / Size
    30
    Broker 1 10.10
    Broker 2  8.15Customer 3 STOP
    .20
    .25
    Broker 3 15.30Broker 4 15

    What is the inside market for XYZ?

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    $24.68

  • 2.

    If the specialist has his own inventory in XYZ, what is the two-way spread that he can quote to the market?