●Consensus price Potential Parties to a Trade ●Dealer ys Broker ●Order--Driven Market ●Quote-Driven Market Continuous Order-Driven Market Periodic Call Auction Market ●Price scan auction o Sealed bid/ask auction ●Exchanges ●OTC ●Market orders ●Limit orders ●Short Selling ●Buying on margin ●Call money rate ●Margin requirements ●Margin calls ●Securities Lending ●Rebate rate Repurchase Agreements ●Repo rate ●Repo margin ●Market Makers ●Perfect Markets Operational Efficiency ●Pricing Efficiency ●Transaction Costs Information-motivated Trades 3.问题与应用（能力要求） Why do actual markets differ fromperfect markets? (三)思考与实我 1.What is the economic motivation for a security lender in a securities lending transaction? (四)教学方法与手段11 ⚫ Consensus price ⚫ Potential Parties to a Trade ⚫ Dealer vs Broker ⚫ Order-Driven Market ⚫ Quote-Driven Market ⚫ Continuous Order-Driven Market ⚫ Periodic Call Auction Market ⚫ Price scan auction ⚫ Sealed bid/ask auction ⚫ Exchanges ⚫ OTC ⚫ Market orders ⚫ Limit orders ⚫ Short Selling ⚫ Buying on margin ⚫ Call money rate ⚫ Margin requirements ⚫ Margin calls ⚫ Securities Lending ⚫ Rebate rate ⚫ Repurchase Agreements ⚫ Repo rate ⚫ Repo margin ⚫ Market Makers ⚫ Perfect Markets ⚫ Operational Efficiency ⚫ Pricing Efficiency ⚫ Transaction Costs ⚫ Information-motivated Trades 3. 问题与应用（能力要求） ⚫ Why do actual markets differ from perfect markets? （三）思考与实践 1. What is the economic motivation for a security lender in a securities lending transaction? （四）教学方法与手段