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Define the in- order-driven according to trade intermediation.
In- order-driven markets:
In order-driven markets, buyers and sellers trade unswervingly without any intermediation. Many order-driven markets are auction markets. In trading rules formalise the procedure by that buyers seek the lowest accessible prices and sellers seek the highest accessible prices (i.e., price discovery procedure).
a) Definitions of EST and LFT needed in order to explain the differentiation between the terms. The EST of each activity will depend on the LFT of all preceding activities. b) S
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