Electronic Markets
All of the above orders could be entered in an electronic market, but order priority rules encourage simple market and limit orders. Market orders receive highest priority, followed by limit orders. If a limit order has priority, it is the next trade executed at the limit price. Simple limit orders generally get high priority, based on a first-come-first-served rule. Conditional orders generally get priority based on the time the condition is met. Iceberg orders and dark pool orders (which are not displayed) are given lower priority.
Read more about this topic: Order (exchange)
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