OK guys, so i'm studying for the Series 7, and i'm trying to understand the structure of the NYSE. I have a few questions: 1.) Can specialists make speculative trades for their own account? If so, is this is a conflict of interests? 2.) My book states that Rule 77 prohibits a member firm from offering to bet on the course of the market, buy or sell dividends, etc. If I buy a seat on the exchange, aren't I considered a member? According to rule 77 i can't bet on the course of the market, but don't people buy seats so they can bet directly on the floor?