Objective
Guarantee fair matching semantics and prepare trade outputs for downstream netting and settlement services.
Matching Engine and Clearing Integration
Production TrackOrderbook matching is deterministic and can be coupled with clearing cycles for net settlement workflows.
Matching Mechanics
Orderbooks use price-time priority. Limit and market order paths share deterministic fill logic with explicit remaining quantity handling.
Fee computation occurs on notional, preventing inconsistent charge behavior across quote assets.
Execution Integrity
Self-trade prevention and idempotent order mutation controls are required for production connectors.
Partial fills, cancellations, and rejects are all represented as state transitions with receipt artifacts.
Clearing Coupling
Trade outputs can feed clearing obligations where net positions are calculated per cycle before settlement.
This reduces gross settlement load and supports institutional post-trade workflows.
Production Checkpoints
- ✓Price-time priority is stable under load
- ✓Fee results reconcile against notional values
- ✓Order lifecycle events remain replayable
- ✓Clearing obligations balance before settlement
Continue exploring