The NYSE is defined as a "spot" market purely and simply because it has a physical location. The Nasdaq, on the other hand, is not a spot market because it has no one central location.

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The NYSE being a spot market is not solely defined by its physical location but also by the fact that its transactions are immediate, with buyers and sellers physically present in the trading floor. The Nasdaq, although lacking a physical location, is still considered a spot market because its transactions are also immediate and conducted electronically.

The NYSE Is Defined as a "Spot" Market Purely and Simply