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Investopedia explains 'Third Market Maker'
A broker also facilitates the buying and selling of securities, but he or she accomplishes this task by directly matching up buy and sell orders. A third market maker might act as a buyer when an investor wants to sell, but he or she just wants to make a small, short-term profit from buying a security at a favorable price and selling it to another investor at a higher price. Third market makers sometimes pay brokers a small fee of a cent or two per share to direct orders their way. Sometimes brokers and third market makers are one in the same.
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