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This is a pretty basic question, but I'll answer it anyway. If you COULD buy or sell the last price, there would HAVE to be a MIDDLEMAN with someone taking the other side. The markets in their purest form work as an auction. Who is willing to pay the most is the BEST BID. Who is willing to sell for the cheapest is the BEST OFFER. These two prices should theoretically NEVER overlap, because if someone is will pay more or the same that someone is willing to sell the same item for, they should immediately be matched up. In trading, this is not always the case because of fragmented (ie NASDAQ with its multiple market centers) or preferential (ie. floor trader) markets. In an electronic marketplace, you SHOULD be able to buy the ask and sell the bid, or place your own bid or offer, if you have access to the route displaying the size (ie. in e-minis this is exactly the case as all trades go through Globex). Hope this answers your question.
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