5-5 Organized Exchanges versus Over-the-Counter Market Auction markets versus dealer markets(exchanges versus the OTC market) NYSE versus Nasdaq system Differences are narrowing ■ Nasdaq vs. true otc Copy right C 2002 by Harcourt, Inc. All rights reserved5 - 5 Copyright © 2002 by Harcourt, Inc. All rights reserved. Organized Exchanges versus Over-the-Counter Market ◼Auction markets versus dealer markets (exchanges versus the OTC market) ◼NYSE versus Nasdaq system ◼Differences are narrowing ◼Nasdaq vs. true OTC