MATCH-OFF OF ORDER FLOW IN ELECTRONIC MARKET SYSTEM

摘要

A market system that includes an internal execution process is described. Th e system includes an order execution process that receives orders and matches orders against quotes posted in the system on a time priority basis and an order match-off process that checks if a market participant identification associated with a received order matches a market participant identification representing a quote in the system that is at the best bid or best offer pri ce in the system.