Which of the Below Statements Is TRUE

Multiple Choice

Which of the below statements is TRUE?

A) Overall, non-intermediated, quote-driven markets may be less costly due to the absence of profit-seeking dealers.
B) The Nasdaq is primarily a continuous auction order-driven system based on customer orders but the specialists enhance the liquidity by their market-making to maintain a fair and orderly market.
C) The NYSE is a continuous market during the trading day and a call auction market to open and close the market and to reopen after a stop in trading. Thus, the NYSE is not a hybrid market.
D) Nasdaq (an acronym for the National Association of Securities Dealers Automated Quotations System) began as a descendant of the OTC dealer network, and is a dealer quote-driven market.