In àn order driven system, only different types ôf orders supply liquidity tô thé market without thé intervention ôf market maker ôr jobber. Order execution follows à strict price time, priority unlike à quote driven system, where preference îs given tô jobber orders àt thé expense ôf public orders. This reduces thé problems ôf high spreads, monopoly power & market manipulation. Orders whîch àré allowed into thé system àré conditional upon price [market & limit orderss], time [GTD, GTC, etc.s], quantitity [AON, MF, etc.s] & ôthér special conditions such às IOC, etc.
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