Chapter 04 · Section 4.1
Matching Trades
For an exchange to match trades automatically by computer, it is necessary
b) that all clearing members have a trading terminal linked to the exchange computer.
No. Exchange members want to act themselves without relying on a clearing member to enter their customers' orders and their own quotes. Otherwise they would not be able to act fast enough.
a) that all exchange members have a trading terminal linked to the exchange computer;
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