In this Algorithm, the order which is received first takes priority over the other orders.
Pro-Rata Matching:
In this Algorithm, the priority is given to the highest-priced buy order and the orders are also partially filled in this algorithm to motivates other orders to join the queue with large limit orders.
Two types of Matching Algorithms:
FIFO (First In First Out) algorithm:
Pro-Rata Matching:
References used: