A Quote-Driven Automated Market
نویسندگان
چکیده
This paper reports on preliminary research into a new type of automated market, namely a quote-driven market. The research aims to develop the necessary market protocols and infrastructure, and to investigate the impact of pre-set parameters on the effectiveness of the market in terms of liquidity, price volatility, throughput and profitability for the market participants. Quote-driven trading is well-suited to products such as financial instruments, bandwidth, electricity—any product that requires real-time trading. In particular, we discuss how this form of regulated but decentralised marketplace may offer advantages over more traditional automated market mechanisms such as auction protocols.
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تاریخ انتشار 2001