Used to describe the origin of an entry in the book
- 0 = Book
- 1 = Off-Book
- 2 = Cross
3 = Quote driven market
Examples for quote driven markets are market maker or specialist market models.
- 4 = Dark order book
5 = Auction driven market
Markets where matching occurs only in scheduled auctions.
6 = Quote negotiation
Discretionary quoting on request or "request for quote" market.
7 = Voice negotiation
A trading system where transactions between members are arranged through voice negotiation.
8 = Hybrid market
A hybrid system falling into two or more types of trading systems. Can also be used for ESMA RTS 1 "other type of trading system".