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Market orders mechanics

Author
JEK3
Dissonance Corp
#1 - 2012-02-20 22:56:28 UTC
I recently discovered that if you put in the Eve market a limited sell order with a price lower than the highest bid, the transaction is executed at the lower price. Similarly, if you put a limited buy order with a price higher than the lowest offer, the order is going to be filled at the higher rate. To check this mechanic I put into the market orders for amounts smaller than those of the present bids and offers.

I was very surprised by this market rule. Usually, you cannot sell something in a market (in real life) below the highest bid price. For instance, if you put a limited sell order priced lower than an already present bid in a stock exchange, the transaction is going to be filled at the rate of the bid (or the transaction would be deleted by the controlling commission at the end of the day, as the deal would have an off-market rate).
The same is valid for buy orders. If an offer is in the market it's not possible to buy at an higher price before that offer is completely filled, and thus not in the market anymore. If a limited buy order has a rate higher than the offer it's handled as an unlimited order ( a so called "market order") and is filled at the offer price.

I would suggest to change this mechanic.