In some exchanges' regulations the term "public orders" is used.
Before we continue with the specialist and the Competing Market Maker System, let us review what public orders are:
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a) Orders that may be executed publicly (as opposed to orders whose execution must not be known publicly).
b) Orders coming from the public, i.e. non-exchange members (customers).
c) Orders for which a non-exchange member (i.e. the public) may be the counterpart for execution.
d) None of the above.