Call market vs. continuous markets. Quote driven markets, order driven markets, brokered markets.
Call market stock is only traded at specific times. Oall trades, bids, and asks are declared and then one negotiated price is set that clears the market for the stock.
Constinous market trade occur at any time market is open. Price is set using auction process or dealer bid-ask quotes.
Quote driven wheere investors trade with dealers. Bid-ask prices. Dealers maintaing inventory. Most securities besides stocks are quotes driven,.
Order driven where rulse are used to match buyers and sellers.establish order precedence hirerarchy. Price priority where trades given highest priority are highest bid and lowest ask. Additionally if same prices, there can be secondary precedence which gives priortiy to non-hidden orders and earliest arriving.Uniform matching principal, all orders trade at same price which is price result in hgiest volume of trading. Discriminatory pricing rule uses the limit price of the order that arrived first as the trade price.
Brokered markets where investors use brokers to locate a countpearty to a trade.Good for real estate, artwork, etc.