| 摘要 |
A dealer sells match insurance to participants in an order matching process. If a participant's order is not matched in the match process, then the participant can exercise the match insurance to obtain a contra-side order that matches. Purchasing match insurance is similar to purchasing an option with floating strike price; with the strike price being determined by the match price. The match insurance itself may be tradeable. Matching orders are executed. A participant may cancel some or all of its match insurance before the match occurs and the dealer refunds the insurance premium less a cancellation fee. Traders not participating in the match may obtain an immediate execution guarantee from the dealer, at the next match price, by paying a fee. |
