1. The SEC regulates stock exchanges: (a) through an independent commission; (b) as self-regulating organizations; (c) through the Justice Department; (d) through an insurance corporation called the FDIC. 2. What are specialists now called at the NYSE: (a) designated market makers; (b) principals; (c) head traders; (d) seat holders; 3. Nasdaq market makers: (a) never place quotes as principals; (b) compete with ATSs; (c) must buy trading licenses; (d) are not obliged to provide two sided quotes; 4. The NYSE has fought to regain market share by: (a) paying market makers to provide liquidity; (b) designating firms to be supplemental liquidity providers; (c) lowering execution times; (d) all of the above. 5. Which equity trading venue has the highest market share: (a) NYSE; (b) Nasdaq; (c) CBOE; (d) TRF. 6. Market fragmentation has: (a) led to exchange bankruptcies; (b) more upstairs trading; (c) increased algorithmic trading; (d) weakened exchange competition. 7. Reg NMS: (a) allows trade throughs that violate price priority; (b) allows quoting in sub-penny increments; (c) has driven high frequency trading overseas; (d) prevents the use of HFT orders; 8. Nasdaq purchased OMX to: (a) compete internationally; (b) generate more ATS trading fees; (c) to avoid US corporate governance restrictions; (d) to expand into Dubai