ProcessIntermediate
Price/Time Priority
An order matching rule where orders are filled first by best price, then by earliest submission time among orders at the same price.
Last updated: February 1, 2026
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When multiple orders compete for execution, orders are ranked first by price.
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Among orders at the same price, the earliest submitted order gets priority.
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This creates a fair, deterministic queue: best price first, then first-come-first-served.
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Price/time priority prevents favoritism in order matching.
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This is the standard matching algorithm for most regulated exchanges and ECNs.