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Why did the limit order not execute even though the share price matched the order price?

Exchanges use a principle called price-time priority to handle orders and quotes. When an order is submitted, it receives a timestamp that determines its priority. Orders are then executed based on the order in which they were received, following a first come, first served basis.

In the case of a limit order, even if the share price matches the order price, it may not be executed if there are multiple bids at the same price and only one offer to match them. The order that was placed first will be given priority and executed, while the others will be processed afterwards.