“指令驱动市场”又叫做“代理商市场”或“竞价市场”。其基本特点就是，市场参与者根据给定的价格发出买卖指令，“拍卖者”不断调整价格，直至买入和卖出的订单一样多为止。经济学理论中经典的瓦尔拉斯报价者机制就属于这类。
研究指令驱动市场连续竞价阶段的限价指令簿特征是金融市场微观结构理论的一个重要组成部分。
Research on the features of limit order books under continuous double auction mechanism in the order-driven market is an important field of financial market microstructure theory.
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.
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。
Quote driven mechanism and order driven mechanism are two major exchange systems of the securities business.
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