When you get a parking ticket you pay the fine and no one gets hurt. But on Wall Street the rules are different. If you get caught you also pay a fine, but you also cause losses to others in the process.
Generally this is how it works. You, the customer, call in an order to your specialist. The phones are answered by "runners" who are just off the trading floor. They give it to the specialist who is the one who executes the order.The specialist holds all the orders for a particular security and knows how many orders there are and at what prices they must be executed.
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