Stock exchange matching, order-book depth included
MatchCore's central limit order book matches decimal-priced instruments with strict price-time priority, full depth-of-book market data, and short-selling support — the same matching mechanism as our binary prediction-market engine, with the bounded probability ladder and binary settlement removed.
How CLOB matching works
Resting orders are ranked at each price level by strict price-time (FIFO) priority. Unlike our binary prediction-market book, prices are unbounded decimal values (not a 1–99¢ probability ladder), and there's no resolution event — positions run as ongoing inventory, and selling doesn't require holding the instrument first.
Incoming aggressive orders walk the book, matching against resting liquidity until filled or exhausted. Short-selling is allowed with no ownership check; there is deliberately no margin/collateral check on the sell side in v1 — a real, disclosed risk boundary, not an oversight.
The same proven core, a different price representation
Full depth of book
Every price level, every resting order, streamed live and reliably to every subscriber.
Built so nothing is ever lost
The same resilient, verified-recovery core as every other matching model — 190,000-200,000 transactions per second, verified.
Real desktop clients already built
Native C++ and JavaFX trading clients with live order depth, time & sales and charting exist and run against this engine today.
Where CLOB matching fits today
- Regulated exchanges & MTFs — lit order books with full transparency
- Internal crossing engines — matching client flow on a decimal-priced order book
- Broker-dealer internalisers — matching client flow ahead of external routing
Derivatives (options, futures) and FX are not built yet — see the FAQ below before scoping a derivatives use case against this page.
CLOB matching, answered
What order types does MatchCore's CLOB support?
GTC and IOC limit orders in v1, matched by strict price-time (FIFO) priority. Market/stop/FOK order types and pro-rata allocation are on the roadmap, not implemented today — we'd rather tell you that than overclaim it.
Does MatchCore support pro-rata priority?
Not yet. Today every instrument matches by strict price-time (FIFO) priority. Pro-rata allocation is a real extension point on the roadmap, since the underlying order-book structure (a per-side price ladder) supports it, but it isn't built.
What asset classes can trade on the CLOB matching model?
Equities-style, decimal-priced instruments with continuous double-auction matching and short-selling support. Derivatives (options, futures) and FX are not implemented today — the engine's price representation is real-number decimal, not a fixed-point derivatives model, so this would be genuine new work, not a config flag.
Can the CLOB model share a venue with binary or pari-mutuel markets?
Yes, architecturally — CLOB, binary and pari-mutuel matching share one platform, with each deployment running one matching model at a time. Running multiple models in a single live deployment isn't supported by design; separate deployments serve separate instrument sets.