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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RTS is the other major exchange in Russia and the reference point for most international market participants, though the traditional quote-driven market has really functioned as a notice board for local brokers to advertise USD prices rather than a genuine source of liquidity.
Embrace the bear
Contrarily to the American stock market, a quote-driven market, the TSE is an order-driven market.
On the Tunisian market this result is not as evident as these obtained on other markets especially on quote-driven markets.
Estimation of transaction costs on the Tunisian stock exchange: an empirical research via a Tobit model with frictions

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