@startmindmap
* Algo trading concepts
** Exchange order book:  maintains all incoming buy/sell orders in exchange
*** Buy order (bids): sort from high price to low
**** same price? depending matching algo (e.g. FIFO)
*** Sell order (asks): sorted from low price to high
*** participant can:
**** place new order
**** cancel order
**** modify order detail
** Exchange matching algo:
*** when match happen
**** when incoming bids >= existing ask
**** when incoming asks <= existing bids
*** FIFO matching
**** priority sequence: price > time
*** Pro-rata matching
**** priority sequence: price > quantity > time
** Limit order book: 
*** built by market participants
*** market data sent out by exchange
*** purpose: collect/arrange bids/offers to get insight InterfaceBorderColor
** Exchange market data protocols
*** 
@endmindmap