报价驱动

在报价驱动制度下（交易商市场），交易者有时必须选择次优策略，因此，交易商市场的效率不是完全有效的。

The trader must adopt suboptimal strategies under quote-driven system ( Dealership market ), whose efficiency is not effective .

国外研究工作主要关注于发达国家的国债市场，并围绕报价驱动交易方式和做市商制度展开。

The oversea literatures pay much attention to developed countries , and focus on quote-driven trading system with market makers .

在报价驱动交易机制下，买卖价差由指令处理成本、存货成本和非对称信息成本构成。

In a quote-driven market , bid-ask spread is composed of order processing costs , stock holding costs and asymmetric information cost .

按照价格形成机制的不同，可以把证券市场划分为报价驱动的做市商市场、指令驱动的竞价市场（分为连续竞价与集合竞价），以及两者兼而有之的混合市场。

According to the price form mechanism we divided three kinds of markets : market-maker market , auction market and hybrid market .

在以委托指令驱动为主的前提下，今后应研究对交易不活跃、流动性差的股票引入做市商报价驱动交易制度的可能性。

On the basis of order-driven system , we should research the possibility of introducing the quotation-driven system which specialized for trading the illiquid stocks .

在此基础上，探讨了我国二板市场应该采取何种交易机制，论证了做市商报价驱动机制是二板市场交易机制的首选。

Based on these , it discusses which trading mechanism should be chosen in our country 's secondary board market with the conclusion that the market-maker rule should be the best choice .