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Exam ICWIM Topic 1 Question 151 Discussion

Actual exam question for CISI's ICWIM exam
Question #: 151
Topic #: 1
Which type of trading system employs market makers?

Suggested Answer: B Vote an answer

A quote-driven market relies on market makers who continuously provide bid and ask prices for securities.
* Key Characteristics of Quote-Driven Markets:
* Market makers buy and sell securities from their own inventory, ensuring liquidity.
* Prices are set by market makers rather than by matching buy and sell orders.
* Common in less liquid markets (e.g., corporate bonds, some equities).
* Examples:
* The London Stock Exchange's SEAQ system operates as a quote-driven market.
* Why Not Other Options?
* A (Order-driven) # Uses an electronic order book, not market makers.
* C (On-exchange) # Both quote-driven and order-driven systems exist on exchanges.
* D (Over-the-counter) # OTC markets may have market makers, but they are not exclusively quote-driven.
# Reference: London Stock Exchange Trading Systems, CISI Wealth & Investment Management.

by Brook at Sep 20, 2025, 03:57 AM

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