Finance - Exchange's order matching algorithms - What if the orders don't match? -


the order matching algorithms popularly used electronic financial exchanges include fifo or pro-rata or other variants. use case order amount matches or within margin of tick happy-path scenario. want know how these algorithms operate when order amount don't match?

scenario 1 - if partial fill happens , out of 100 order, 50 orders gets filled. residual order book hold remaining 50. happens these 50? how long have wait?

scenario 2 - if buy order $50, , no sell order comes in below $60. happen these kind of orphaned orders?


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