Just curious.
I was wondering how things work in the following scenario:
Lets say on some exchange, the following order book is hanging there for a while:
| Sell Price | Buy Price |
| $11 | $10 |
| $12 | $9 |
| $13 | $8 |
No suddenly someone shoots in a sell order for $9.
I assume this will match wil the oldest buy order. The one at the top Right?
So the person who put up the buy order of $10, wil get it.
So my question is... Is the buyer paying $10 or $9?
And what will the seller get?
Are there any standards for this? Meaning, do all exchanges work the same?