
Nasdaq: The Dealer Market Whose Auction Broke on Facebook's IPO
July 16, 2026 · 1 min readNasdaq was the world's first fully electronic stock exchange, and it still runs on a competing-market-maker model rather than a physical trading floor.
EDITORIAL HIGHLIGHTS
James Chen, CMT, is a financial markets professional and author. He has two decades of experience in the financial markets as a trader, investor, registered investment adviser, and global market strategist. Chen previously served as head of research at Gain Capital and has extensive expertise across stocks, ETFs, options, commodities, fixed income, currencies, and foreign exchange. His work combines market research and technical analysis with practical experience in trading and investing. He is the author of "Essentials of Technical Analysis for Financial Markets" and "Essentials of Foreign Exchange Trading," both published by John Wiley & Sons. He has also contributed to financial education through instructional content, seminars, and conferences. Chen has appeared as a guest expert on financial news outlets including CNBC, Bloomberg TV, and Reuters. He is a Chartered Market Technician (CMT), Certified Financial Technician (CFTe), and Registered Investment Adviser (RIA), and is a former Commodity Trading Advisor (CTA). Chen earned his bachelor’s degree from Tufts University.
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Nasdaq was the world's first fully electronic stock exchange, and it still runs on a competing-market-maker model rather than a physical trading floor.

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