Explain the differences between open outcry auctions, dealer markets, and electronic communications networks (ECNS).

Question:

Explain the differences between open outcry auctions, markets, and electronic communications networks (ECNS).

Dealer
A dealer in the securities market is an individual or firm who stands ready and willing to buy a security for its own account (at its bid price) or sell from its own account (at its ask price). A dealer seeks to profit from the spread between the...