In 1999, the exchange began awarding control of quote dissemination to a “Designated Primary Market Maker” (DPM) for each trading pit. The DPM was the one entity responsible for guaranteeing automated two-sided quotes in all of the options markets listed in the pit - similar to a back-stop liquidity provider. This model existed at all the largest exchanges: at the AMEX they were called “Lead Market Makers” and at the NYSE they were called “Specialists.” A critical function of any exchange is to ensure that there are liquid, executable markets available at all times. By awarding a leadership role to one well-capitalized market making entity for each pit (group of assets), the exchanges sought to guarantee consistent, competitive, and reliable liquidity provisioning for all listed assets.