T7 versus Globex: priority, native orders, auctions

Two matching engines, one queue logic

The CME matches orders on Globex, Eurex on T7, the system built by Deutsche Börse and shared by Eurex and Xetra. For a flow trader, the question is not the engine's name, it is the rule that decides who gets filled first at a given price.

On the FDAX as on the CME index futures, the rule is price-time priority: at the same price, the order that arrived first is executed first. An order modified upward in quantity loses its place; an order reduced keeps it. Everything the Trading desk course taught you about the queue applies here unchanged.