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Layman question: how are the limit orders filled?
Hi guys,
Here I have a layman question concerning how are the limit orders filled in the Betfair exchange.
Suppose currently:
Best back price = 5, best back amount = 100 pounds;
Best lay price = 5.1, best lay amount = 120 pounds.
If I'd like to place a limit order to sell the odds, I lay 2 pounds @ back price = 5. So that the best back amount becomes 102 pounds.
Suppose now someone wants to back 90 pounds @ back price = 5, is it for sure that my limit order will not be filled because the place time of my 2 pounds is later than the original 100 pounds?
Are the limit orders filled by their place times? By their sizes? What is the ranking system to prioritize the limit orders?
Does someone have some "official guides" to reference to it?
Thanks a lot indeed!
Here I have a layman question concerning how are the limit orders filled in the Betfair exchange.
Suppose currently:
Best back price = 5, best back amount = 100 pounds;
Best lay price = 5.1, best lay amount = 120 pounds.
If I'd like to place a limit order to sell the odds, I lay 2 pounds @ back price = 5. So that the best back amount becomes 102 pounds.
Suppose now someone wants to back 90 pounds @ back price = 5, is it for sure that my limit order will not be filled because the place time of my 2 pounds is later than the original 100 pounds?
Are the limit orders filled by their place times? By their sizes? What is the ranking system to prioritize the limit orders?
Does someone have some "official guides" to reference to it?
Thanks a lot indeed!
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