Introduction - Home page | USC Marshall

Now suppose that buyer Tsubasa submits a day order to buy 15 contracts, limit ¥100.5. Tsubasa’s buy order first fills with the most aggressively priced sell order, which is Hina’s order for four contracts. A trade takes place at ¥100.4 for four contracts, Hina’s order fills completely, and Tsubasa still has 11 more contracts remaining. ................
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