证券市场的两种交易制度
1). 报价驱动(quote-Driven): also refered to as market-maker market(做市商市场). 由具备一定实力和信誉的证券经营法人作为特许交易商，不断向公众报出某些证券的买卖价格(双向报价).以其自由资金和证券与投资者进行交易。通过买卖报价的差额来获利。

2). 指令驱动(order-Driven): also refered to as auction market(竞价市场) or dealer market(交易商市场). 交易系统对不断进入的投资者指令，按照价格与时间优先原则排序，将买卖指令配对竞价成交.

中国目前所有的市场都是指令驱动市场，报价驱动市场有
纳斯达克目前是报价驱动型与指令驱动型相混合的交易制度
NYSE目前仍然主要是指令驱动为主，AMEX被NYSE收购了，之前也是指令驱动为主

quote- driven (报价驱动） 是做市商提供的买价和卖家与投资者进行交易的。其中的做市商称之为dealer 或者market maker, 所有quote－ driven
market 又叫 dealer markets, price- driven markets, over the counter markets.

order -driven( 指令驱动）是投资者根据投资法则按照价格优先（以竞价高的成交） 和时间优先（在竞价相同的情况下先下单的先成交或者全部公开竞价的先成交。

楼上的说的order driven 并不叫做dealer market。

Quote-driven markets, sometimes known as dealer markets, are those in which dealers quote bid and ask (or offer) prices at which they are prepared to buy or sell, respectively, specified quantities of the asset.
Order-driven markets – sometimes known as agency or auction markets – include the classic Walrasian tatonnement process of economic theory
摘自The economics of financial market, R. E. Bailey