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Finance Dictionary and Glossary of Investment Terms
The Nasdaq requirement that market makers quote both a bid price and an ask price in every security in which they make a market, and that they execute orders at those prices. also called two-way market.
The NASD regulation that Market Makers quote both a bid and ask price for each security in which they make a market and to execute orders at those prices.
The obligation imposed by the NASD that Nasdaq Market Makers make both firm bids and firm asks in each security in which they make a market.