Stock & derivatives matching, order-book depth included
MatchCore's central limit order book matches equities, futures, options and FX with configurable price-time or pro-rata priority, full depth-of-book market data, and sub-50µs p99 latency.
How CLOB matching works
Resting orders are ranked at each price level by strict price-time (FIFO) priority or pro-rata allocation, configurable per instrument to match the convention of the asset class — FIFO for equities and most futures, pro-rata for many options and swaps markets.
Incoming aggressive orders walk the book, matching against resting liquidity until filled or exhausted, with support for iceberg disclosure, pegged pricing, and self-trade prevention — all evaluated within the same sub-50µs matching cycle.
Exchange-grade order book, without exchange-grade build time
Full depth of book
Every price level, every resting order sequence number, published as incremental market-data deltas.
Sub-50µs matching
150,000+ orders/sec per segment at p99 latency under 50 microseconds, wall-to-wall.
Multi-asset, multi-currency
Equities, futures, options and FX instruments coexist on one cluster with per-instrument configuration.
Where CLOB matching fits
- Regulated exchanges & MTFs — lit order books with full transparency
- Dark pools & internal crossing engines — non-displayed liquidity matching
- Derivatives venues — futures and options with pro-rata allocation
- Broker-dealer internalisers — matching client flow ahead of external routing
CLOB matching, answered
What order types does MatchCore's CLOB support?
Limit, market, iceberg, stop, stop-limit and pegged orders, with time-in-force controls including GTC, IOC, FOK and GTD, configurable per instrument.
Does MatchCore support both price-time and pro-rata priority?
Yes. Each instrument can be configured for strict price-time (FIFO) priority or pro-rata allocation at each price level, matching the conventions of equities, futures and options markets respectively.
What asset classes can trade on the CLOB matching model?
Equities, ETFs, futures, options, FX and crypto — anything that trades as a continuous double-auction order book, multi-currency and multi-asset within a single cluster.
Can the CLOB model share a venue with binary or pari-mutuel markets?
Yes — all three matching models run on the same MatchCore cluster and expose the same gateway and market-data protocols, so an operator can list conventional instruments and event contracts side by side.