Price-Time Priority

A matching rule where orders are executed first by best price, then by entry time.

What is Price-Time Priority?

Price-time priority sorts orders by price (best first), then timestamp; a buy at $60,100 placed earlier fills before one at the same price later. Used on Eurex, it ensures fairness.

Variants like price-broker-time prioritize broker orders, common in some markets. In crypto, it prevents queue-jumping on CLOBs like Binance.

Simple implementations, as in open-source engines, handle high volumes efficiently.