which order will be executed?

D

dkny2004

bid:
limited order: $25.5 400 shares 10:45am
limited order: $25.45 500 shares 10:46am
market order: 1000 shares
limited order: $25.4 1000 shares 10:44am
limited order: $25.55 600 shares 10:43am
limited order: $25.6 300 shares 10:47am



ask:
limited order: $25.5 500 shares 10:44am
market order: 500 shares
limited order: $25.55 1000 shares 10:46am
limited order: $25.65 200 shares 10:45am
limited order: $25.6 600 shares 10:43am


which order will be executed?
thx~
 
Quote from dkny2004:

bid:
limited order: $25.5 400 shares 10:45am
limited order: $25.45 500 shares 10:46am
market order: 1000 shares
limited order: $25.4 1000 shares 10:44am
limited order: $25.55 600 shares 10:43am
limited order: $25.6 300 shares 10:47am



ask:
limited order: $25.5 500 shares 10:44am
market order: 500 shares
limited order: $25.55 1000 shares 10:46am
limited order: $25.65 200 shares 10:45am
limited order: $25.6 600 shares 10:43am


which order will be executed?
thx~
More...
not enough information because you have not offered the time of market orders.
 
bid:
limited order: $25.4 1000 shares 10:42am
limited order: $25.55 600 shares 10:43am
market order: 1000 shares 10:44am
limited order: $25.5 400 shares 10:45am
limited order: $25.45 500 shares 10:46am
limited order: $25.6 300 shares 10:47am



ask:
limited order: $25.5 500 shares 10:43am
market order: 500 shares 10:44am
limited order: $25.65 200 shares 10:45am
limited order: $25.55 1000 shares 10:46am
limited order: $25.6 600 shares 10:47am

Now, the market order is added and some time is changed?
then what orders will be executed?

thanks~
 
Quote from dkny2004:

bid:
limited order: $25.4 1000 shares 10:42am
limited order: $25.55 600 shares 10:43am
market order: 1000 shares 10:44am
limited order: $25.5 400 shares 10:45am
limited order: $25.45 500 shares 10:46am
limited order: $25.6 300 shares 10:47am



ask:
limited order: $25.5 500 shares 10:43am
market order: 500 shares 10:44am
limited order: $25.65 200 shares 10:45am
limited order: $25.55 1000 shares 10:46am
limited order: $25.6 600 shares 10:47am

Now, the market order is added and some time is changed?
then what orders will be executed?

thanks~
More...

Well, let's see. Assuming NYSE.

AT 10:43, 500 of 600 25.55 shares should trade. leaving 100 shares of a 25.55 bid.

At 10:44 the other 100 shares would trade. Then the two market orders "should" trade, leaving 400 shares to buy paying up to 25.65 for 200 shares, then the balance at 25.55 10:46 sell orderthen nothing until 25.60 cent buy trades with balance of 25.55 or the 25.50.

Without exact seconds and routing information, the above is just a "probably" without Specialist involvement.

Don
 
Quote from dkny2004:

bid:
limited order: $25.4 1000 shares 10:42am
limited order: $25.55 600 shares 10:43am
market order: 1000 shares 10:44am
limited order: $25.5 400 shares 10:45am
limited order: $25.45 500 shares 10:46am
limited order: $25.6 300 shares 10:47am



ask:
limited order: $25.5 500 shares 10:43am
market order: 500 shares 10:44am
limited order: $25.65 200 shares 10:45am
limited order: $25.55 1000 shares 10:46am
limited order: $25.6 600 shares 10:47am

Now, the market order is added and some time is changed?
then what orders will be executed?

thanks~
More...

That is interesting. My answer:
at 10:43 am that limit bid order would be filled by 500 shares. But at what price should depend on the second. If limit bid order first, then limit ask order should be filled by 500 shares at 25.55. Otherwise, that limit bid order should be filled by 500 shares at 25.5. In either case, there should be 100 shares at 25.55 left at bid side.
At 10:44, market bid order should be filled by 200 shares at 25.65 and 800 shares at 25.55. And market ask order should be filled by100 shares at 25.55 and 400shares at 25.4.

The interesting point of this question is that when we have market buy order show up, since there is no information about the ask order before 10:43 ( that limist ask order at 10:43 should be filled before market order), then we have to wait for the shares after 10:44 . In trading, we always see some shares at some price we want, then we use market order, not just send market order and wait..... well specialist will absolutely like that:D
 
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