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|German to English translations [PRO]|
|German term or phrase: quotegetriebene Handelsmodellen|
|Is this rate-driven or quote-driven? This is not my specialty.|
Ständige Veränderungs- und Konsolidierungsprozesse weisen der globalen Börsenlandschaft seit einigen Jahren den Weg. Nicht order- sondern quotegetriebenen Handelsmodellen gehört die Zukunft, hybride Marktmodelle verbinden die Vorteile beider Strukturen ein Paradigmenwechsel.
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Local time: 06:00
|Thank you, dear.|
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quote-driven trading models
Sorry Kim, but you were a bit too quick to accept...
It's definitely quote-driven - "share-driven" does not make sense, since a quote-driven market is also possible for other tradeable instruments (such as bonds, warrants or even commodities).
The difference between quote-driven and order-driven models is this: with a quote-driven market, the price discovery process is controlled by a market-maker (also known as 'Specialist', 'Designated Sponsor', etc.) who either quotes on a constant basis, or upon request by market users. In contrast, order-driven market models exclusively rely on the order flow received by all market participants. As pointed out in your text, most recent developments incorporate both elements: Xetra is a case in point. On Xetra, blue chips (such as the index components of the DAX) are traded using a purely order-driven market model, without any provision of liquidity by market-makers. Less liquid issues (MDAX)are supported by at least one market-maker ("Designated Sponsor"), whereas the hi-tech segment ("Neuer Markt") requires at least two for each issue.
Don't hesitate to contact me if you need more info.
Own professional experience in the financial markets (including equities/equity derivatives)
Local time: 11:00
Native speaker of: German
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