In my understanding:
- bonds, currencies, and commodities (cash, not derivatives) are traded in a quote driven market with a market maker who "will either fill your order from its inventory or match you with another order. Of course, investors can try to negotiate better prices, either themselves or through their broker or agent". Anyway "your order would not be posted in this system".
- the EminiSp500 is traded in an order-driven market, with market makers acting only for particular reasons (block trades, etc., I know that it's now possible to track these trades thanks to a CME service). Everybody sees the same order book through the Depth of Market screen and everybody's orders are queued at one exchange (again excluding block trades).
- Equities are traded in a kind of hybrid market.
My question is: what kind of market is the options market? In particular the options on EminiSp quoted by CME. An order-driven or a quote-driven market? A hybrid? I wonder if everybody sees the same order book through the Depth of Market screen and everybody's orders are queued at one exchange just like the case of ES (emini500 futures) or if my order is managed by my broker and disseminated through various exchanges?