medium · Market Microstructure
A limit sell order for 500 shares is posted at $50.00 at 10:00:01. A second limit sell for 300 shares is posted at 10:00:05. A third limit sell for 200 shares is posted at 10:00:10.
If a market buy for 400 shares arrives and the exchange uses 'pro-rata' matching, how many shares does the first order fill?
- 500
- 133
- 400
- 200
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