Orders on NASDAQ come from market makers,ECNs,and on-line brokers.

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NASDAQ orders can come from market makers, ECNs (electronic communications networks), and on-line brokers. Market makers are firms that buy and sell securities for their own account, providing liquidity in the market. ECNs are automated systems that match buy and sell orders electronically. On-line brokers are firms that allow individual investors to place orders to buy or sell securities through an internet-based trading platform.

Orders on NASDAQ Come from Market Makers,ECNs,and On-Line Brokers