Quote Driven

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Quote Driven

Describing an exchange where the bid-ask spread is determined by quotes given by dealers or market makers with the duty to maintain a liquid market. A quote driven market contrasts with an order driven market, where the bid-ask spread is determined by orders directly by investors. A quote driven market is also called a price driven market and is usually on an electronic exchange.
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Rating issues include the impact from the pending acquisition on its credit protection measures, above-average weather sensitivity in both regulated and nonregulated operations that heighten cash flow volatility, widespread operations that will continue to require increasing operational and management oversight and a limited amount of market risk in its partial ownership of Woodward Marketing LLC, a growing nonregulated gas marketer operating in increasingly competitive and commodity price driven markets.
Rating issues include above-average weather sensitivity in both regulated and nonregulated operations that heighten cash flow volatility, widespread operations that will continue to require increasing operational and management oversight and a limited amount of market risk in its partial ownership of Woodward Marketing LLC, a growing nonregulated gas marketer operating in increasingly competitive and commodity price driven markets.