{"id":1816,"date":"2019-09-12T13:33:00","date_gmt":"2019-09-12T13:33:00","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=1816"},"modified":"2026-04-06T06:45:14","modified_gmt":"2026-04-06T06:45:14","slug":"quote-driven-order-driven-brokered-markets","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/equity\/quote-driven-order-driven-brokered-markets\/","title":{"rendered":"Quote-driven, Order-driven, and Brokered Markets"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n\n  \"name\": \"Market Organization and Structure (2024\/2025 Level I CFA\u00ae Exam \u2013 Equity \u2013 Module 1)\",\n\n  \"description\": \"This video lesson covers Topic 5 \u2013 Equity Investments, Module 1, exploring the financial system's functions, asset and market classifications, securities and trading mechanisms, financial intermediaries, investor positions, leverage and margin calculations, market orders, primary and secondary markets, trading systems, and objectives of market regulation.\",\n\n  \"uploadDate\": \"2022-05-05T00:00:00+00:00\",\n\n  \"thumbnailUrl\": \"https:\/\/analystprep.com\/path-to-thumbnail\/market-organization-thumbnail.jpg\",\n\n  \"contentUrl\": \"https:\/\/youtu.be\/LFJYcV5EL-w\",\n\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/LFJYcV5EL-w\",\n\n  \"duration\": \"PT57M36S\",\n\n  \"publisher\": {\n    \"@type\": \"Organization\",\n    \"name\": \"AnalystPrep\",\n    \"logo\": {\n      \"@type\": \"ImageObject\",\n      \"url\": \"https:\/\/analystprep.com\/path-to-logo\/logo.jpg\",\n      \"width\": 600,\n      \"height\": 60\n    }\n  }\n}\n<\/script>\n<!-- QAPage Schema -->\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"@id\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/equity\/quote-driven-order-driven-brokered-markets\/#qa\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"What market would an art collector use to sell a number of valuable paintings?\",\n    \"text\": \"What market would an art collector use to sell a number of valuable paintings?\\nA. Brokered market.\\nB. Order-driven market.\\nC. Quote-driven market.\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"A. Brokered market. In a brokered market, intermediaries such as brokers or auction houses help match buyers and sellers. This structure is commonly used for unique, high-value, and illiquid assets like valuable paintings, which are not standardized and require specialized expertise to find suitable buyers.\",\n      \"dateCreated\": \"2026-01-13\",\n      \"url\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/equity\/quote-driven-order-driven-brokered-markets\/\"\n    }\n  }\n}\n<\/script>\n\n\n\n<iframe loading=\"lazy\"\n  width=\"611\"\n  height=\"344\"\n  src=\"https:\/\/www.youtube.com\/embed\/LFJYcV5EL-w\"\n  title=\"YouTube video player\"\n  frameborder=\"0\"\n  allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\"\n  referrerpolicy=\"strict-origin-when-cross-origin\"\n  allowfullscreen>\n<\/iframe>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Quote-Driven Markets\/Over-the-Counter (OTC) Markets<\/strong><\/h2>\n\n\n\n<p>In quote-driven markets, customers trade at prices quoted by dealers that generally work for commercial banks, investment banks, broker-dealers, or trading houses. Most trades in these markets are conducted through proprietary computer communications networks or by phone.<\/p>\n\n\n\n<div style=\"margin:20px 0\">\n<a href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\"\nstyle=\"display:block;width:100%;text-align:center;padding:10px;border:2px solid #2f5bea;border-radius:40px;font-size:16px;color:#2f5bea;text-decoration:none\">\nPractice market structure questions with our free trial.\n<\/a>\n<\/div>\n\n\n<h2><strong>Order-Driven Markets<\/strong><\/h2>\n<p>Order-driven markets arrange trades using rules to match buy orders to sell orders submitted by customers or dealers. Almost all exchanges use order-driven trading systems, and every automated trading system is an order-driven system. Two sets of rules characterize order-driven market mechanisms: order matching rules, which match buy and sell orders, and trade pricing rules, which determine the price of the matched trades.<\/p>\n<h3><strong>Order Matching Rules<\/strong><\/h3>\n<p>Order-driven trading systems rank buy and sell orders by price (often along with secondary criteria), matching the highest-ranking orders (if possible) at the minimum order amount. If there is a remaining size in a buy (sell) order, the trading system will match it with the sell (buy) order that is next in the rankings. The first rule in the order precedence hierarchy is price priority, followed by secondary precedence rules, which determine how to rank orders of the same price. The first order to arrive at the best price usually has priority over other orders, though sometimes trading systems trade displayed quantities before hidden quantities of the same price.<\/p>\n<h3><strong>Trade Pricing Rules<\/strong><\/h3>\n<p>Call markets commonly use the uniform pricing rule, in which all trades execute at the same price, and the market chooses the price that maximizes the quantity traded. Continuous trading markets use the discriminatory pricing rule, which determines the price base on the limit price of the first order or quote (the standing order). Crossing networks, trading systems matching buyers and sellers willing to trade at prices obtained from other markets, use the derivative pricing rule: usually the midpoint of the best bid and ask quotes for the underlying asset.<\/p>\n<h2><strong>Brokered Market<\/strong><\/h2>\n<p>Brokers arrange trades among their clients for unique instruments with limited liquidity as such instruments would not generate enough orders in order-driven markets. Trades in this market usually take place between a small number of people or institutions.<\/p>\n<blockquote>\n<h2><strong>Question<\/strong><\/h2>\n<p>What market would an art collector use to sell a number of valuable paintings?<\/p>\n<ol style=\"list-style-type: upper-alpha;\">\n<li data-tadv-p=\"keep\">Brokered market.<\/li>\n<li data-tadv-p=\"keep\">Order-driven market.<\/li>\n<li data-tadv-p=\"keep\">Quote-driven market.<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is <strong>A<\/strong>.<\/p>\n<p>In a brokered market, intermediaries (brokers) help match buyers and sellers, which is common for unique, high-value, or illiquid assets such as art. Art collectors typically rely on brokers or auction houses to sell valuable paintings, as these assets are not standardized and require expertise to find suitable buyers.<\/p>\n<p><strong>B is incorrect. <\/strong>An order-driven market is where buyers and sellers submit orders directly to a centralized exchange (e.g., stock exchanges), and the market is driven by these orders. This is more suitable for standardized, liquid securities like stocks, not unique assets like art.<\/p>\n<p><strong>C is incorrect.<\/strong> In a quote-driven market, market makers (dealers) provide liquidity by quoting buy and sell prices for specific securities (e.g., bonds, certain stocks). This setup is also not ideal for selling unique assets like paintings, as they require more personalized negotiation and expertise, which brokers provide.<\/p>\n<\/blockquote>\n\n\n<div style=\"text-align:center; margin: 40px 0;\">\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" style=\"display:inline-flex; align-items:center; justify-content:center; padding:12px 20px; border-radius:999px; background-color:#1a73e8; color:#ffffff; text-decoration:none; font-weight:600;\">\n    Start Free Trial \u2192\n  <\/a>\n  <p style=\"font-size:15px; margin-top:12px; color:#555;\">\n    Learn how quote-driven markets rely on dealer prices and how order-driven markets match buy and sell orders, and apply these concepts in CFA Level I exam questions.\n  <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Quote-Driven Markets\/Over-the-Counter (OTC) Markets In quote-driven markets, customers trade at prices quoted by dealers that generally work for commercial banks, investment banks, broker-dealers, or trading houses. Most trades in these markets are conducted through proprietary computer communications networks or by&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-1816","post","type-post","status-publish","format-standard","hentry","category-equity","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Quote-Driven, Order-Driven &amp; Brokered Markets | CFA Level 1<\/title>\n<meta name=\"description\" content=\"Explore quote-driven, order-driven, and brokered markets, focusing on trade pricing, order matching, and the mechanisms that drive market operations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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