All sealed orders are collected
A distributed matching process begins
Orders remain opaque during matching
No participant can reconstruct individual orders
Matching Algorithm
Determines uniform clearing price per market
Maximizes total trader surplus
Respects price constraints (limits, stops)
Calculates per-account net changes
Surplus Distribution Any surplus from the batch (difference between buyer willingness-to-pay and seller willingness-to-accept) is distributed fairly among participants.
Last updated 3 months ago
