Order matching system: Difference between revisions

Revision as of 16:07, 23 November 2019

Revision as of 12:16, 25 December 2019

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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.

The matching algorithms decide the efficiency and the robustness of the order matching system. There are two states for a market, continuous trading where orders are matchesmatched immediately or auction where matching is done at fixed intervals. A typical example when a matching systems works in auction state is at the market open when a number of orders have built up.

==History==