ICMA FMFQ Exam - Topic 5 Question 89 Discussion

Actual exam question for ICMA's FMFQ exam

Question #: 89
Topic #: 5

[All FMFQ Questions]

Which of the equity exchanges operates a quote-driven model?

ANYSE

BNASDAQ

CLSE

DEuronext

Show Suggested Answer

Suggested Answer: B

by Theodora at Jan 05, 2026, 05:16 AM

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Delsie

23 hours ago

But what about NYSE? It’s also popular.

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Youlanda

6 days ago

Agreed! Quote-driven model fits NASDAQ.

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Theola

11 days ago

I think it's NASDAQ. Feels right.

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Ashley

17 days ago

I always thought NYSE was the main player here.

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Burma

22 days ago

Nope, it's definitely NASDAQ. No doubt there!

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Nichelle

27 days ago

Wait, are we sure about that? I thought LSE had a similar setup.

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Johna

1 month ago

Totally agree, NASDAQ is all about quotes.

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Alpha

1 month ago

NASDAQ is the one with the quote-driven model!

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Merilyn

1 month ago

Haha, I'm just going to guess D) Euronext and hope for the best. Who needs to actually know how stock exchanges work?

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Carmelina

2 months ago

Wait, isn't the quote-driven model the one where traders shout at each other? I'm pretty sure that's the NYSE.

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Rosann

2 months ago

Hmm, I thought the NYSE was the one with the quote-driven model. Guess I need to brush up on my stock exchange knowledge.

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Dorothea

2 months ago

C) LSE is the correct answer. It uses a quote-driven model.

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Denae

3 months ago

B) NASDAQ operates a quote-driven model.

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Cornell

3 months ago

I thought the NYSE was more order-driven, so that rules it out. I guess it’s between NASDAQ and Euronext for me.

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Theron

3 months ago

I’m leaning towards NASDAQ too, but I recall that Euronext has some quote-driven aspects as well. It's confusing!

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Devorah

3 months ago

I practiced a question like this, and I believe the LSE might be the answer, but I could be mixing it up with another exchange.

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Joseph

3 months ago

I think the NASDAQ operates a quote-driven model, but I’m not entirely sure. I remember something about it being different from the NYSE.

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Leeann

3 months ago

I think the key is understanding whether the exchange uses market makers to provide liquidity, or if it's an order-matching system. That should help me narrow down the right answer.

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Lenna

4 months ago

I'm a bit confused on the differences between the exchanges. Maybe I should quickly review my notes on market microstructure before answering this.

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Jaclyn

4 months ago

I'm pretty confident the NASDAQ is a quote-driven market, but I'll double-check the other options to be sure.

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Valentine

4 months ago

Okay, I know the NYSE uses a specialist system, so that's probably a quote-driven model. I'm less sure about the others though.

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Teresita

4 months ago

Hmm, I think this is asking about the market structure of different exchanges. I'll need to remember the key differences between quote-driven and order-driven models.

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