伦同学2021-06-12 10:06:07

After orders are created using order matching rules, trade pricing rules are used todetermine the price. Under the uniform pricing rule, all orders trade at the same price, whichis the price that results in the highest volume of trading. The discriminatory pricing rule usesthe limit price of the order that arrived first as the trade price.In an electronic crossing network, the typical trader is an institution. Orders are batchedtogether and crossed (matched) at fixed points in time during the day at the average of the bidand ask quotes from the exchange where the stock primarily trades. This pricing rule isreferred to as the derivative pricing rule because it is derived from the security’s mainmarket. The price is not determined by orders in the crossing network.