easy · Market Microstructure
A trader places an IOC (Immediate-or-Cancel) order. How does FIFO priority apply to this order?
- It always has priority over all resting GTC orders.
- It sits in the queue until it is filled or the trader cancels it.
- It is filled pro-rata with other IOC orders arriving at the same time.
- It only interacts with the resting liquidity already in the LOB based on their priority.
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