Question

Before the arrival of a large order, a firm has the following limit orders standing on its book:

Buyer	Buy Order	Price	Sell Order	Seller
Terence	15000	$100.1
Henry	8000	$100.2
Shane	10000	$100.3
		$100.4	4000	Helen
		$100.5	6000	Sabrina
		$100.6	12000	Michael

Buyer Tina submits a market order to buy 15000 units of share. With whom does she trade? What is her average trade price? How does the limit order book look like afterward?

Answer 1