The CFA curriculum Level 1, Volume 5, On page 13, the bottom paragraph: pure auction market (also referred to as an order-driven market) participants also refer to this system as price-driven On page 14, a dealer market (also referred to as a quote driven market) On Shweser notes Book 4: Page 149: an order-driven system is called a dealer market Which one is correct?
this must be a very trivial question and no one bothers to answer it.
maybe write to Schweser and mention the discrepancy to them. That would be your best bet in getting an answer. also search in Investopedia for Order Driven Market gave the following An auction market in which prices are determined by the publication of orders to buy or sell shares. Investopedia Says… This is the opposite of a quote driven market. Quote Driven Market What does it Mean? An electronic stock exchange system in which prices are determined from quotations made by market makers or dealers. Also known as a “price driven market”. Investopedia Says… This is the opposite of an order driven market. So the CFAI Book seems to be right, while Schweser is wrong
I remember coming across a dubious answer in Shweser and since that day as a general rule where Shweser and CFA differ I give CFA the benefit of the doubt.