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Affirmative obligation

Definition:

A New York Stock Exchange rule that governs the behavior of specialists. Affirmative obligation is the mandate of the specialists to step in and act as either the buyer or the seller when public investor orders exist do not match up naturally. Also known as positive-obligation. Related: negative-obligation.

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Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

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Movement or trend in the stock market that causes all stocks in all sectors to move in the same direction.

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