easy · Market Microstructure lob
At 10:00:01 AM, Trader A places a limit order to buy 500 shares of DEF at $15.00. At 10:00:02 AM, Trader B places a limit order to buy 1,000 shares of DEF at $15.00.
If a market sell order for 200 shares arrives at 10:00:05 AM, who receives the fill?
- Trader A
- Trader B
- Neither trader, as the sell order is too small
- Both traders receive 100 shares each
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