I was looking at the list of NASDAQ market participants: ftp://ftp.nasdaqtrader.com/symboldirectory/mpidlist.txt
From Symbol Look-Up/Directory Data Fields & Definitions, section "Market Participants":
There are several types of NASDAQ participants. Listed below are the characters used with its corresponding market participant type.
A = Agency Quote
C = Electronic Communications Network (ECN)
E = Exchange
M = Market Maker
N = Miscellaneous
O = Order Entry Firm
P = NASDAQ Participant
Q = Query Only Firm
S = Specialist
I don't understand these market participant types.
- "A = Agency Quote" — What is this? There is no example of this in the current list of market participants.
- "C = Electronic Communications Network (ECN)" — I understand this.
- "E = Exchange" — I understand this.
- "M = Market Maker" — I understand this.
- "N = Miscellaneous" — What is this? Could you give examples of the possible activities of a "Miscellaneous" market participant?
- "O = Order Entry Firm" — What is this?
- "P = NASDAQ Participant" — How is this different from all the other types of market participants?
- "Q = Query Only Firm" — For the SEC and NSCC.
- "S = Specialist" — What is this? How does this not fit into "M = Market Maker"? There is only one at the moment: "E*Trade Capital Markets - Execution Services LLC/OTC UTP".