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FoundationsStock Alerts + Tools0:45Markets

Where Your Order Actually Goes

Pressing buy does not send your order to an exchange floor. It enters a matching engine that pairs it against a resting order.

0:45 · 6 scenes

This lesson is part of a Stock Alerts + Tools plan.

What the lesson covers

  1. 0:00There is no floor, no shouting, and nobody holding your shares.
  2. 0:05The path. Broker, then a router that picks a venue, then a matching engine, then clearing.
  3. 0:15What the engine does. It sorts resting orders by price, then by time, and matches the best pair.
  4. 0:24The other side is always someone. Every share you buy was sold by someone. The exchange never takes a position.
  5. 0:32Many venues, one price. There are dozens of venues. Rules require your order to reach the best price.
  6. 0:40It is a matching engine and a rulebook, not a building.
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Educational content only. MadStockAlerts provides market commentary, research, and educational content. It is not personalized investment advice, and nothing here is a recommendation to buy or sell any security. Trading and investing involve substantial risk, including loss of capital. See the Risk Disclosure and Customer Agreement.
Educational content only. MadStockAlerts provides market commentary, research, and educational content. It is not personalized investment advice, and nothing here is a recommendation to buy or sell any security. Trading and investing involve substantial risk, including loss of capital. See the Risk Disclosure and Customer Agreement.
Where Your Order Actually Goes — MAD Academy Training Video · MadStockAlerts