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Procedural Fairness in Exchange Matching Systems.

Gil Hersch1

  • 1Department of Philosophy, The Kellogg Center for Philosophy, Politics, and Economics, Virginia Tech, Blacksburg, USA.

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PubMed
Summary
This summary is machine-generated.

Traditional futures exchange order matching systems like First In First Out (FIFO) and pro rata are not procedurally fair in practice. Random selection for service (RSS) offers a fair alternative for electronic trading environments.

Keywords:
Exchange matching systemsProcedural fairnessRandomized selection for service

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Area of Science:

  • Financial Markets
  • Market Microstructure
  • Computational Finance

Background:

  • The transition from open outcry to electronic trading introduced order matching as a key function for futures exchanges.
  • Order matching systems significantly influence price discovery, revenue distribution, and market efficiency.

Purpose of the Study:

  • To evaluate the procedural fairness of existing order matching systems in futures exchanges.
  • To propose a novel, procedurally fair matching system suitable for electronic trading.

Main Methods:

  • Analysis of the procedural fairness of First In First Out (FIFO) and pro rata matching systems.
  • Introduction and conceptualization of a new matching system: Random Selection for Service (RSS).

Main Results:

  • Both FIFO and pro rata, while fair in principle, exhibit practical unfairness in electronic trading.
  • Random Selection for Service (RSS) is presented as a procedurally fair system in both principle and practice.

Conclusions:

  • Existing order matching systems (FIFO, pro rata) are outdated relics of open outcry trading and lack practical fairness.
  • Random Selection for Service (RSS) leverages electronic trading capabilities for a fair and efficient matching mechanism.