12.40应该无法成交啊？

问题如下：

For PZ company's stock, the market has the following limit order standing on its book.

The bid and ask sizes are number of shares in hundreds.

Tim make a new buy limit order at $12.45 per share for 200 shares. Which of the following statements is most correct?

选项：

This limit order is said to take the market.

This limit order is said to make the market.

This limit order is said to make a new market.

解释：

C is correct.

This limit order is said to make a new market. Tim's new buy order is at $12.45, which is higher than the current best bid price of $12.35. Tim's new buy limit order is not taking the market, because $12.45 less than the best offer of $12.80, it will not immediately execute.

考点：Execution Instructions

题目列出了当前市场上dealer的买卖报价，TIM作为一名投资者是去跟dealer交易的一方。TIM希望以12.45买200股。问下列哪个说法是最正确的。

A. TIM 的报价可以成交。take the market就是以报出的指令价格成交。打比比方buy order价格正好等于best ask，立即成交了，这就是take the market。但是现在TIM的报价12.45低于dealer最低的卖价12.8，因此该订单没法成交。

B.TIM 的报价可以看作是一次做市。make the market指如若买价报小于best bid或卖价报大于 best ask,并不能成交，只是发布了一个order，就是一次做市。本题的best bid和 best ask分别为12.35和12.8，而TIM报的买价是12.45没有落在12.35内，所以这不叫make the market。

C.TIM 的报价可以看作是做了一个新市。make a new market, 它是指报价报在最高的bid和最低ask之间就叫做make a new market。根据dealer的买卖报价，make a new market的范围是（12.35-12.8）也就是best bid-best ask，而12.45正好落在这个区间，所以是make a new market.