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Exchange & Order Book
Market Foundations · Market StructureHow passive limit queues and aggressive market sweeps interact inside the matching engine.
Topics in this Sub-Topic
Explore each dedicated topic below inside the 3-level Trade School hierarchy (Market Foundations / Market Structure / Exchange & Order Book).
The Limit Order Book (LOB) & Price-Time Priority
How exchanges queue passive limit orders by price and timestamp, and how aggressive orders consume resting liquidity.
Call Auctions, Equilibrium Price & 3:00–3:30 PM Closing VWAP
How pre-open call auctions discover the equilibrium opening price and how the final 30-minute VWAP sets official settlement.
Lessons
- The Limit Order Book (LOB) & Price-Time Priority
How exchanges queue passive limit orders by price and timestamp, and how aggressive orders consume resting liquidity.
- Call Auctions, Equilibrium Price & 3:00–3:30 PM Closing VWAP
How pre-open call auctions discover the equilibrium opening price and how the final 30-minute VWAP sets official settlement.