A) have traditionally been organizations built around an electronic trading floor. B) have usually been mutual organizations that are owned and operated on a profit basis for the benefit of their members, those who operate on the trading floor. C) have memberships or "seats" that provide floor access or trading privileges but not ownership rights. D) None of these A) have traditionally been organizations built around an electronic trading floor. B) have usually been mutual organizations that are owned and operated on a profit basis for the benefit of their members, those who operate on the trading floor. C) have memberships or "seats" that provide floor access or trading privileges but not ownership rights. D) None of these

A) fulfill the need for a neutral gathering place but do not fulfill the traditional role of an exchange in the new paradigm. B) are private crossing networks in which participants submit orders to cross trades at externally specified prices and, thus, provide anonymous sources of liquidity (hence, the name "dark"). C) are electronic execution systems that do displaying quotes and providing transactions at externally provided prices. D) are not designed to prevent information leakage and offer access to undisclosed liquidity and leave "footprints." A) fulfill the need for a neutral gathering place but do not fulfill the traditional role of an exchange in the new paradigm. B) are private crossing networks in which participants submit orders to cross trades at externally specified prices and, thus, provide anonymous sources of liquidity (hence, the name "dark"). C) are electronic execution systems that do displaying quotes and providing transactions at externally provided prices. D) are not designed to prevent information leakage and offer access to undisclosed liquidity and leave "footprints."

A) lists stocks from throughout the United States but not international stocks. B) is a national exchange. C) is not an auction-type market based on orders. D) has a specialist system that is dissimilar to that of the NYSE. A) lists stocks from throughout the United States but not international stocks. B) is a national exchange. C) is not an auction-type market based on orders. D) has a specialist system that is dissimilar to that of the NYSE.