Futures and options contracts are often confused, but they are similar in that each involves subsequent events. A futures owner has the obligation to buy or sell a specified quantity of an asset at a specified price on a specified date. In contrast, an options holder has the right (but not the obligation) to buy or sell a specified quantity of an asset at a particular price over a specified time period.
§Stock Exchange: Quote driven system
§OTC Exchange: Order driven system
The difference between these two market systems lies in what is displayed in the market in terms of orders and bid and ask prices. The order driven market displays all of the bidsand asks, while the quote driven market focuses only on the bids and asks of market makers and other designated parties.
Some confision here