CME
FIFO Matching Algorithm

First-In, First-Out (FIFO) Algorithm
FIFO uses price and time as the only criteria for filling an order. In this algorithm, all orders at the same price level are filled according to time priority. It is important to note that a user loses their order priority when the order is changed in any of the following ways:

  • An increase in quantity;
  • A change in price; and,
  • A change in account number.

Please see the CME Globex Price Banding by Product for the list of products which use the FIFO matching algorithm.

Return to Matching Algorithms.