33 Consider an order-driven system that allows hidden orders. The following four sell orders on a particular stock are currently in the system’s limit order book.

Based on the commonly used order precedence hierarchy, which of these orders will have precedence over others?

Order Time of Arrival

(HH:MM:SS)

Limit Price

(€)

Special Instruction

(If any)

I 9:52:01 20.33 II 9:52:08 20.29 Hidden order III 9:53:04 20.29 IV 9:53:49 20.29 A Order I (time of arrival of 9:52:01).

B Order II (time of arrival of 9:52:08).

C Order III (time of arrival of 9:53:04).