`
`0001
`
`
`
`0002
`
`
`
`0003
`
`
`
`ultifaceted Securities Industry
`
`Chapter 4: The Exchanges
`
`FIGURE 4-2. A page in the spedausfs I
`
`l
`
`ME
`
`NE .1‘:;‘.3J
`
`because of precedence, and B
`age.
`
`both fill the order and both
`, there isn't any logical way
`.ty. In this case, either the
`I
`'
`they flip a coin and
`
`I market order for 100 shares,
`crowd with a sell market order
`nce Brokers N and O can fill or
`advantage, they have parity. So
`hese two taking the 100 shares
`. executes 100 shares.
`
`thefloor is cleared, all remain-
`be resubmitted. This proce-
`affirming all orders.
`
`are away from the market, in
`r they are received.
`
`st’s book represents the highest
`- uote is 22 1 / 4—5/ 8. The highest
`hese orders are the only shares
`. The largest order for a buy at
`-
`cl 300 by Broker E). The largest
`0 by Broker F and 600 by Broker
`
`In their books by price on a
`first order in is the first order
`
`with a 200-share buy order at the
`roker F's 300-share order at 225/8-
`
`0004
`
`
`
`0005