> Is designated market maker able to get filled before an order in the FIFO order queue at NYSE, NASDAQ or CME?
“Unfortunately, I cannot comment at this time.”
5 karma · joined June 22, 2024
“Unfortunately, I cannot comment at this time.”
No. Not everything is FIFO.
You can be last to place a passive resting/limit order at a price and still be the first to receive a fill at that price. And yes, you had the advantage of seeing all the other passive orders at that price.
Examples: Pro-rata markets (SOFR interest rates, some US treasuries), designated market makers (futures, equities), etc.
Source: I work in HFT.