3 ms·
It enforces price priority, not price-time priority. Exchanges can use pro-rata, etc. at the same price level; and if multiple exchanges offer the same price l
by cpwright 11y ago
It enforces price priority, not price-time priority. Exchanges can use pro-rata, etc. at the same price level; and if multiple exchanges offer the same price level, a BD is free to choose any of those to route to.