Why did the limit order not execute even though the share price matched the order price?
Exchanges follow a
principle for both orders and quotes. Whenever an order is placed at the exchange, it's given a timestamp, which is then used to prioritise the orders. The orders are then executed on a
first come, first served
The limit order would not have executed even if the share price matched the order price, since there would have been multiple bids at the same price and only one offer to counter them. The order that was placed first will be executed.