NASDAQ vs Formal Exchanges

This is what I know: Formal Exchanges (NYSE, LSE, TSE) - Must be a member of the exchange to trade - Specialists work from central location (the exchange) and act as both brokers and dealers adding liquidity to the market NASDAQ - Electronic trading, no central location - Dont have to be a member to trade - Dealer (quote) driven market - Dealers again buy and sell to add liquidity to the market My question is … what type of market are the Formal Exchanges? If they are dealer markets as well, what is an example of a pure auction market where there are no dealers?


oh right. so nasdaq and formal markets are BOTH DEALER (QUOTE) DRIVEN markets?