I have searched the net and the forums quite a bit, but I cannot find answers to the following. Could somebody please point me to a place where I can find the answers or answer them here, please.
For simplicities sake, lets say that there are only three traders T1, T2 and T3 with a ECN-broker. T1 has a long of size 1,000,000 EURUSD, and wants to close his position @ 1.5 (the bid price, correct?). T2 and T3 want the full 1,000,000.
a) T2 places an order @ 1.4999. The platform will not fill T2's order, correct?
or b) T2 places an order @ 1.5. The platform will immediately fill T2's order, correct? The new bid price will be set @ 1.5, correct?
or c) T2 places an order @ 1.5001. The platform will immediately fill T2's order at this price, correct? The new bid price will be set @ 1.5001, correct?
or d) T2 places an order @ 1.5, and T3 places an order at exactly the same time @ 1.5002. The platform will immediately fill T3's order at 1.5002, and T2 will be requoted, correct?
For simplicities sake, lets say that there are only three traders T1, T2 and T3 with a ECN-broker. T1 has a long of size 1,000,000 EURUSD, and wants to close his position @ 1.5 (the bid price, correct?). T2 and T3 want the full 1,000,000.
a) T2 places an order @ 1.4999. The platform will not fill T2's order, correct?
or b) T2 places an order @ 1.5. The platform will immediately fill T2's order, correct? The new bid price will be set @ 1.5, correct?
or c) T2 places an order @ 1.5001. The platform will immediately fill T2's order at this price, correct? The new bid price will be set @ 1.5001, correct?
or d) T2 places an order @ 1.5, and T3 places an order at exactly the same time @ 1.5002. The platform will immediately fill T3's order at 1.5002, and T2 will be requoted, correct?