This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The primary function of market makers as liquidity providers and the obligation of a 'firm quote'. - How a Designated Market Maker (DMM) on the NYSE operates in a dual capacity as either an agent or a principal. - The key differences between a stock exchange like the NYSE and an OTC quotation system. - The role of Alternative Trading Systems (ATS) and Electronic Communication Networks (ECNs) in modern trading. - Common Series 7 exam traps, including nominal quotes and the prohibited practice of 'backing away'. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep