Before revision:  Each financial firm (agent) tries to minimize its cost via continuous-time trading with a securities exchange while facing the systemic and idiosyncratic noises as well as the stochastic order-flows from its over-the-counter clients. We have shown , in the accompanying paper (Fujii-Takahashi (2020)), that the ] solution to a certain forward backward stochastic differential equation of conditional McKean-Vlasov type gives a good approximate of the equilibrium price which clears the market in the large population limit.
After revision:  In the previous work ] solution to a certain forward backward stochastic differential equation of conditional McKean-Vlasov type gives a good approximate of the equilibrium price which clears the market in the large population limit.