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Article 8
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Matching priority and execution price for individually placed bid quotes or ask quotes for non-paired block trades of a single security are handled according to the following principles:
- If the current bid quote is priced at or above the lowest previously placed ask quote, it will be matched and executed against individual asks sequentially from lowest to highest; if multiple ask prices are identical they will be matched and executed sequentially by time priority until the current bid quote is completely satisfied or the price of the current bid quote is lower than the prices of unexecuted ask quotes.
- If the current ask quote is priced at or below the lowest previously placed bid quote, it will be matched and executed against individual bids sequentially from highest to lowest; if multiple bid prices are identical they will be matched and executed sequentially by time priority until the current ask quote is completely satisfied or the price of the current ask quote is higher than the prices of unexecuted bid quotes.
The current bid (or ask) quote for a non-paired block trade of a basket of stocks will be matched and executed against previously placed ask (or bid) quotes in order of time priority, on the condition that the stock codes, unit prices, and volumes of the current bid (or ask) quote must all be identical to those of the previously placed ask (or bid) quotes;.
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