Phase 3: Matching

Phase 3: Matching

1. All sealed orders are collected

2. A distributed matching process begins

3. Orders remain opaque during matching

4. 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.