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An '''order matching system''' or simply '''matching system''' is an electronic system that matches [[order (exchange)|buy and sell orders]] for a [[stock market]], [[commodity market]] or other [[financial exchange]]. The order matching system is the core of all electronic [[Exchange (organized market)|exchanges]] and are used to execute orders from participants in the exchange.
Orders are usually entered by members of an exchange and executed by a central system that belongs to the exchange. The algorithm that is used to match orders varies from system to system and often involves rules around [[best execution]].<ref>{{cite web |url=
The order matching system and [[Implied Order System|implied order system]] or Implication engine is often part of a larger [[electronic trading]] system which will usually include a [[settlement system]] and a [[central securities depository]] that are accessed by [[electronic trading platform]]s. These services may or may not be provided by the organisation that provides the order matching system.
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