Koil Energy Solutions Inc. (KLNG)

[jchawk]

ARCA is an electronic market maker, so it is neither.

Anyone can route their trades through ARCA.

I would suggest you take a look at the following links to learn what you can -

http://en.wikipedia.org/wiki/Market_maker

http://beginnersinvest.about.com/od/beginnerscorner/l/blmarketmakers.htm

http://money.howstuffworks.com/personal-finance/financial-planning/stock.htm

http://www.sec.gov/answers/mktmaker.htm

http://www.sec.gov/investor/pubs/tradexec.htm

Keep asking questions and keep reading, you can never know too much!