How Does It Work?
- Clients can submit or cancel orders up to 3:55PM London Local Time
- At 3:55PM London Local Time, a match runs and the client knows the quantity filled but not the crossing price.
- If there is an unfilled quantity on the order, a client can cancel the balance or work the imbalance using the FastMatch proprietary algorithms.
- Imbalance algorithm will fill the balance of the order during the time when the crossing price is calculated (between 3:57:30PM London Local Time and 4:02:30PM London Local Time.
- At 4:02:30PM, match price is determined by taking average midpoint value for the previous 5 minutes.
- Customers receive the fill price on their matched orders.