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E. inside the outstanding market bid/ask spread. And second, once entered, the system provides the market one minute to respond to the order. If no other market participant intercedes, the transaction is completed as entered. Orders are matched according to well defined criteria. Price receives top priority on all orders, followed by time of entry; older orders have priority over subsequent orders. When an order is entered, it is matched with the best outstanding orders. Two examples help to clarify the matching system.

NASDAQ (over-the-counter) exchange is an example of an (electronic) dealer system. By contrast, in order-book systems traders place their quotes in (manual or electronic) order books, and then arriving orders are matched and transacted. Investor orders determine the prices at which transactions occur in order-book systems. The Tokyo Stock Exchange is an example of an order-book system. The New York Stock Exchange is a hybrid system, with market specialists who both make the market and process a public order book.

The exchange operates Monday through Friday, but floor trading hours vary for each contract. For example, the BOVESPA stock index future is traded during the same hours that BOVESPA trades: 9:3013:00 and 15:0016:30. Gold contract trading hours, however, are set to match the trading period in New York. Most contracts begin trading around 10:00, and trading for most contracts closes between 16:00 and 17:00. There are 147 commodity brokerage houses that are members of the exchange, each of which is allowed 5 traders on the floor and an additional 4 runners.

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