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Article 19
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In fixed-price transactions, borrowing quotes are matched against lending quotes that state the same terms and conditions with respect to the recall notification period, on a transaction-by-transaction basis and in an order of priority determined as follows:
- With respect to borrowing quotes:
- Where the quantity from all lending quotes does not exceed that from all borrowing quotes, transactions will be executed for all lending quotes.
- Where the quantity from all lending quotes exceeds that from all borrowing quotes, the lending quotes will be matched in a random order determined by computer.
- With respect to lending quotes:
- Where the quantity from all borrowing quotes does not exceed that from all lending quotes, transactions will be executed for all borrowing quotes.
- Where the quantity from all borrowing quotes exceeds that from all lending quotes, the borrowing quotes will be matched in the order of the time they are entered.
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