Order Matching Rules
On the market, transactions are executed according to “multiple price-continuous auction” method. Accordingly, repo orders are matched with same or lower rate reverse repo orders, whereas reverse repo orders are matched with same or higher rate repo orders.
Orders conveyed to the market are processed as per rate and time priority. Thus the highest rate orders have priority in repo orders whereas the lowest rate orders have priority in reverse repo orders. If orders have the same rate, time priority is applied. Where rate equality does not exist, the rate of the order which had been entered in the system earlier is the trading rate.
Unmatched orders and unexecuted parts of matched orders transmitted to the market can be changed.
While the change in the rate of the order, increase in repo amount and change of account holder of the trade lead to the loss of time priority, the reduction of repo amount and change of a representative reference does not give rise to the loss of time priority.
Unmatched orders and the unexecuted part of matched orders transmitted to the Market can be canceled.
The rate tick applicable to orders conveyed to the market is 0.01%.