Revision as of 17:36, 9 November 2015 edit PBS (talk \| contribs) Autopatrolled 116,854 edits m PBS moved page Electronic trade matching to Order matching system over redirect: Common name, besides a trade does not exist until the orders are matched ← Previous edit		Revision as of 17:53, 9 November 2015 edit undo PBS (talk \| contribs) Autopatrolled 116,854 edits Altered the lead to match the new article title (because a trade does not exist until after the orders have been matched), added some more details about settlement and the algorithm that is used Next edit →
Line 1: An electronic ''~~'Electronic~~order ~~trade~~matching ~~matching~~system''' ~~is a process whereby a computer system~~ matches buy and sell orders for a security on a [[stock market]] or [[commodity market]]. Electronic ~~trade~~order matching was introduced in the early 1980s in the United States to supplement [[open outcry]] trading (for example the then Mid West Stock Exchange (now the [[Chicago Stock Exchange]]) launched the "MAX system, becoming one of the first stock exchanges to provide fully automated order execution" in 1982).<ref>{{cite web \|url=http://www.chx.com/chx/history/ \|title=History:Chicago Stock Exchange Historical Timeline\|accessdate=November 2015}}</ref><ref>''Commodity Exchange Act Cea: Issues Related to the Regulation of Electronic Trading'' by Thomas J. McCool, Cecile O. Trop 2000 ISBN 0-7567-0329-8 page 18</ref> ~~In modern trading, the trade matching system is part of a larger [[electronic trading]] system which also allows order entry at the user level and order execution at the exchange level.~~ 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.<ref>{{cite web \|url=http://www.cmegroup.com/confluence/display/EPICSANDBOX/Matching+Algorithms \|title=Matching Algorithms \|publisher=[http://www.cmegroup.com/ CME Group]\|accessdate=November 2015}}</ref>▼ In modern trading, the order matching system is often part of a larger [[electronic trading]] system which will usually include a [[settlement system]] and a [[central securities depository]]. These services may or may not be provided by the organisation that provides the order matching system. ▲The algorithm that is used to match orders varies from system to system.<ref>{{cite web \|url=http://www.cmegroup.com/confluence/display/EPICSANDBOX/Matching+Algorithms \|title=Matching Algorithms \|publisher=[http://www.cmegroup.com/ CME Group]\|accessdate=November 2015}}</ref> ==See also== * [[Open outcry]]

Order matching system: Difference between revisions