As far as I know, NSE executes orders that were placed before, then goes to the next.
This is what happend to me today:
1.) I placed Buy order of 27113 quantity on AlokInds at 25.8 at 09:15:27 in my 1st account with disclosed quantity of 2712
2.) I placed Buy order of 14246 quantity on AlokInds at 25.8 at 09:15:54 in my 2nd account. with disclosed quantity of 1425.
Now, at 09:27:06 exactly: 2712 quantity were filled on my 1st account and 848+1425 quantity were filled on my second account.
But I Placed the buy order on my 1st account before. So why did not my 1st account order got executed and then 2nd account order started executing? Why both orders started executing parallely?
I took screenshots also. I can upload them, if anyone wants.
Using disclosed quantity delays order execution???
@Anikethan@siva-reddy can you please bring some clarity on how orders are getting executed on NSE?
When you punch a limit order with your broker, broker will send the orders to Exchange.
In exchange your orders will get a time-stamp ( according to price limits) and they are queued based on this time stamp.
The order matching system then ensures orders get executed on a ‘first come first serve’ basis . If there are people who have placed orders before you, your order will be executed only if the orders placed earlier gets filled. The highest bid will be matched against the lowest offer.
In your case, both limit orders would have been in queue along with many other’s orders at that price level ( 25.8), lets assume 5 Lakh quantity total in queue. If a sell order comes for 25.8 Price level (or a market order), for 4L quantity, according to queue priority 4L out of 5L will be executed one after the other (within microseconds). That’s why both of your orders got executed in parallel.
But how can two orders be partially filled at a specific point of time with same limit price, according to time-priority rules?
If order 1 was placed first on exchange time-stamp first, it would get executed 100% first and then only next order starts getting filled right?
But this did not happen in my case. Let me attach screenshots. You can see timestamp and everything.
Also why exactly 2712 quantity filled in my 1st order? It is same as disclosed quantity of that first order? It makes me think, a new order is placed every time 100% of disclosed quantity is executed.
Yes, you are correct.
If you place disclosed quantity order, once your disclosed part is filled, you will be automatically pushed to the back of the queue. In your case, once 2712 out of 27113 gets filled, you will get the next fill once all the other orders at that rate (25.8) got filled.
