Central Limit Order Book (clob) Definition

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Definition Of Central Limit Order Book (clob):

central limit order book (CLOB) A central system that contains securities limit orders received from specialists and market makers.
Such a system consolidates limit orders in a central location and bridges the gap in establishing a national market system. A hard CLOB executes orders immediately; a soft CLOB provides data to facilitate trading but does not include automatic executions. Establishment of a CLOB has generally been opposed by securities exchanges because they would stand to lose significant volume to such a system.

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