Now I do a lot of synthetic spread trading.
do you mean internal to the firm before orders even go out?they tend to invest heavily in ECN infrastructure.
asking me to trade Euribor. When I get FIFO for having the b•lls to be first with 500 and not piling on after the fact, then we'll talk.
Totally agree with the sentiment, but unless there's been a recent change, ICE Euribor does prioritize first-at-level orders.
ALGORITHM
Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap).