SECTION B 3. Answer the following questions [Maximum word count = 600 words). i. Consider the following set of orders. Time Trader Order Side Size Price 10:00 ABC Sell 2 23 10:05 DEF Sell 3 22 10:08 GHI Buy 4 market 10:09 JKL Buy 6 20 10:10 MNO Sell 1 20 10:15 PQR Sell 3 market 10:18 STU Buy 5 18.50 10:20 VWX Sell 4 20 Assume that the above orders are sent to a single-price call auction. Apply price and time priority, match the orders, find the equilibrium price, list all the possible trades and show the final order book with the unexecuted orders. (15 marks) ii. Explain the concept of order precedence rules and clarify with examples why exchanges have adopted different secondary order precedence rules. (10 marks)