Perpetual auction market

Perpetual auction market
  Markets where buy and sell orders are matched automatically and where market makers enter the market when the balance between buy and sell orders is disturbed. Transactions for customers of the exchange do not have to be routed through brokers and dealers (given possible cost savings to the buyer or seller). The NYSE is an example of this type of market. See also Broker-dealer market.

International financial encyclopaedia . 2014.

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