Trading Securities - Priority Of Exchange Orders

Orders that are routed to the trading post for execution are prioritized according to price and time. If the price of more than one order is the same, orders will be filled as follows:



  • Priority: The order that was received first gets filled first
  • Precedence: If the time and price are the same, the larger order gets filled
  • Parity: If all conditions are the same, the orders are matched in the crowd and the shares are split among the orders
The Role Of The Specialist / DMM


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