What Is a Hybrid Market?

Hybrid markets are markets that are both quote-driven and command-driven. For example, the New York Stock Exchange is mainly a continuous bidding order-driven system based on customer orders, but experts have strengthened liquidity through market making to maintain a fair and orderly market. In addition, the New York Stock Exchange has other floor traders, call auction markets at the opening and closing, and upstairs dealers who use their own capital to facilitate large transactions. ^[1]