在委托单驱动交易模式中，价格发现是由交易者提交的买单或者卖单启动的。委托单包含公司购买或者出卖合约的约束性条款和头寸。

In the order-driven trading model, the price discovery is initiated by orders to buy or sell being submitted by the trading participants. Orders carry the.

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针对指令驱动市场建立了理性预期的模型，首先说明了交易者的最优指令决定于他对股票价值的估计和股票的即时价格；

We model the order-driven market based on rational expect framework. In this model, the optimal order submission depends on the price of immediacy and the trader's valuation for the stock.

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在过去的4个月里，美元和股票市场之间的这种紧密关系对交易者的定位具有重大意义，二者一旦脱钩，市场将不存在任何可以感知的关键驱动力量。

For the last 4 months, the tight correlation has had significant effect on traders positioning and, should decoupling continue, it will leave markets without a perceived critical driver.

youdao

在过去的4个月里，美元和股票市场之间的这种紧密关系对交易者的定位具有重大意义，二者一旦脱钩，市场将不存在任何可以感知的关键驱动力量。

For the last 4 months, the tight correlation has had significant effect on traders positioning and, should decoupling continue, it will leave markets without a perceived critical driver.

youdao