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1·Quote-driven market is created by primary scrip holders and by third-party dealers in scrip.

报价驱动市场是由初级股票持有人和第三方交易商创造的。

2·In a quote-driven market, bid-ask spread is composed of order processing costs, stock holding costs and asymmetric information cost.

在报价驱动交易机制下，买卖价差由指令处理成本、存货成本和非对称信息成本构成。

3·Quote driven mechanism and order driven mechanism are two major exchange systems of the securities business.

报价驱动系统和指令驱动系统是证券市场的两种主要交易制度。

4·This paper builds on and extends existing literature on execution cost and expected return in quote - driven stock markets where market makers play a leading role in determining bid - ask spreads.

证券交易的执行成本是信息不对称和市场供需不均衡时投资者买卖证券的风险补偿，是资产定价和市场微观结构的重要研究课题。