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The difference between instruction-driven system and reference-driven system
The difference between instruction-driven system and reference-driven system;

1, the price is formed in different ways.

The opening price and subsequent transaction price in the order-driven mechanism are all formed through bidding. Take the China futures market as an example, all investors' orders are collected in the mainframe of the exchange, and the computer automatically makes the orders with the same price close, and the closing price is generated in the trading system.

In the quotation-driven mechanism, the opening price and subsequent transaction price of securities are quoted by market makers, and the transaction price is input from outside the trading system.

2. The transaction cost is different.

In the order-driven market, the price of securities is single, and the transaction cost of investors is only the handling fee paid to brokers.

In the quotation-driven market, there are two kinds of market quotations at the same time: the selling price and the buying price. The difference between them is the profit of the market maker and the reasonable reward required by the market maker to provide "instant service".

3, the ability to handle large orders is different.

Quote-driven system can effectively handle large trading orders. In the order-driven system, it often takes a long time to complete a transaction when a large order has to wait for the order of the counterparty.

Extended data:

Advantages of quotation-driven system:

1, transaction continuity. In the order-driven market, the phenomenon of unbalanced buying and selling orders often occurs. At this time, market makers can accept buying and selling orders, so that investors can trade immediately according to the market makers' quotations without waiting for the trading orders of counterparties, thus maintaining the continuity of securities trading and achieving the effect of real-time trading.

2. The price is stable. The quotation of market makers is bound by the rules of the exchange, and at the same time, large orders can be handled in time, and intervention when the orders are unbalanced can stabilize excessive price fluctuations.

3. Restrain stock price manipulation. Market makers make market for a certain stock position, which has certain checks and balances on manipulators.

Baidu Encyclopedia-Reference Drive System

Baidu Encyclopedia-Reference Drive System