Order matching rules与Trading Pricing rules的区别

　　Two sets of rules are used in order-driven markets.

 

　　在指令驱动市场中有两个原则：

 

　　Order matching rules(指令匹配原则）：

 

　　establish an order precedence hierarchy.

 

　　l Price priority:the highest priced buy orders and the lowest priced sell orders are traded first.

 

　　l Display precedence:displayed quantities at a given price have precedence over undisplayed quantities.

 

　　l Time precedence:earliest arriving orders with the same display status at a given price are traded first.

 

　　指令匹配原则：

 

　　建立了指令成交的优先顺序。价格优先是首要的标准，指令中报出较高的买价和较低卖价的较先成交，如果几个指令的价格相同的话，第二个优先原则是非隐藏的指令比隐藏的指令优先成交，较后一个优先原则是在价格和订单显示量相同的情况下，到达早的订单优先交易；这些原则鼓励交易者公开所有的交易指令，并且快速下单，增加了市场的流动性。

 

　　Trading Pricing rules（交易定价原则）：

 

　　determine the price after orders are created using order matching rules.

 

　　l Uniform pricing rule:all trades are executed at the same price that maximizes the trading volume.

 

　　l Discriminatory pricing rule:the limit price of the order that first arrived is the trade price.

 

　　l Derivative pricing rule:orders are batched together and matched at fixed points in time during the day at the midpoint of the best bid and ask quotes.

 

　　交易定价原则：

 

　　用于决定交易的价格。

 

　　在单一的定价原则下，所有的指令都以使交易量较高的价格来成交；

 

　　在歧视性的定价原则，是根据较先出价的价格来成交；

 

　　衍生的定价原则，在电子交易系统中，交易方通常是机构，所有指令会在一天中一个固定的时间点匹配，把一批买入卖出指令的价格取平均值作为成交价来交易。

 

　　例：A trading system that matches buyers and sellers based on price and time precedence is most likely a(n):

 

　　A.quote-driven market

 

　　B.order-driven market

 

　　C.brokered market

 

　　【Answer:B】

 

　　解析：In an order-driven market,buy orders and sell orders are matched up by the exchange according to order matching rules.In a quote-driven market,customers trade with dealers at bid and ask prices set by the dealers.In a brokered market,brokers organize trades among their clients.

 

　　在指令驱动的市场中，所有的买卖指令匹配基于指令匹配原则；在报价驱动的市场中，所有顾客交易基于交易商设置的买卖报价；在经纪人市场中，经纪人在顾客中组织相关的交易。看完上述内容，再来了解下CFA相关备考资料吧→>>点击领取CFA免费资料大礼包

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