Am still pretty lost at what exactly is the difference between these 2 especially in terms of how they really work? Anyone can shed some light?? Thanks!!
I think of price driven as dealers sitting around computers offering bids & asks, and order driven as a big auction. Might not be 100% correct but gets me through any questions I have run across.
Order uses the specialist book, price uses market makers using bid/asks??
But how does this compare with the continuous and call markets that we learnt in L1? Does it mean that price-driven markets are continuous and trades can be executed all day (maybe some have a certain call auction period but its usually for a short period of time only) while trades in order-driven markets can only take place during auctions??