Does MATCH Now honour time priority among orders?
No, the time an order is received by the system does not weigh into its standing in the MATCH Now book. When a match occurs, shares are distributed on a pro-rata basis among Liquidity Providing orders. The system’s goal is to maximize total volume traded. MATCH Now will adjust share distribution to achieve this goal but will never allocate less than 80% of any order’s pro rata share. Orders with constraints may execute behind those without.
