The CME ^® Globex ^® electronic trading platform applies one of the following predefined matching rules, known as algorithms, to each contract:

• First-In, First-Out (FIFO) Algorithm
• Allocation (Pro-Rata) Algorithm for CME Eurodollar Futures
• Allocation (Pro-Rata) Algorithm for CME Eurodollar Options (with LMM and TOP Order)
• Lead Market Maker (LMM) Allocation Algorithm
• NYMEX LMM Allocation Algorithm

Please see the CME Globex Price Banding by Product for the algorithm applied to each product.

Related Functionality: CME Globex Implied Pricing
Implied pricing on the CME Globex platform integrates bids and offers, in spreads and their underlying contracts, to provide the most liquid markets and best possible prices. There are currently two types available, implied "IN" pricing and implied "OUT" pricing.

To learn more about CME Globex implied pricing functionality, please see  CME Globex Implied Pricing For CME Eurodollars.