订单驱动市场

本文在订单驱动市场条件下，从流动性风险角度对IPO抑价问题进行研究。

This paper aims to analyze the influence of liquidity risk on IPO underpricing in the order-driven market .

基于订单驱动市场的特定非对称信息结构下证券市场资产价格均衡研究。

Theoretical research of information structure and asset price equilibrium in order-driven marke .

目前世界上越来越多的交易所采用指令驱动市场，传统的做市商市场正在逐渐被交易速度快、交易成本低的电子订单驱动市场所取代。

More and more exchanges in the world introduce order-driven market . Many traditional markets with market makers are gradually being replaced by electronic order-driven markets , which operate faster and cost lower .

本文通过对上证180指数成分股的研究，得到了上海股市&一个典型的订单驱动市场的买卖价差组成成分日内变化的特征，并分析了买卖价差形成的原因。

By decomposing the spreads of the component stocks that the Shanghai 180 index is composed of , this paper studies the intra-day pattern of the components of spreads and the forming reason of spread curve .

订单驱动型市场的系统流动性：一个基于中国股市的实证研究

Commonality in Liquidity on an Order-driven Market : An Empirical Study on Chinese Stock Market

做市商在多伦多证券交易所（TSX）的作用是增加流动性，同时在价格优先，时间优先的基础上保持订单驱动的连续拍卖市场。

The role of the Market Maker on Toronto Stock Exchange ( TSX ) is to augment liquidity , while maintaining the primacy of an order-driven continuous auction market based on price-time priority .