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Directed Order


An order that is placed by a client with a broker or dealer with instructions as to routing to a specific market center (venue or exchange). A market center could be an OTC market maker, an alternative trading system (ATS), national securities association/ exchange, or a market maker that internalizes orders.



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This section covers a wide-ranging array of terms and concepts, among others, in the area of exchanges and financial marekts at large ...
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