Suppose that the current limit order book of Tencent shares are as follows: Bid/Ask Price Size...

  

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Suppose that the current limit order book of Tencent shares are as follows: Bid/Ask Price Size Ask 456.00 200 Ask 455.90 700 Ask 455.80 400 Bid 454.20 300 Bid 454.10 100 Bid 454.00 100 a) A new market order arrives to buy 500 shares of Tencent. What will be the average price that this market order is executed? How will the limit order book change? b) Afterwards, a new limit order arrives to buy 300 shares at $454.30. Will this order be executed immedi- ately? How will the limit order book change? c) Finally, a new limit order arrives to sell 200 shares at $454.25. Will this order be executed immediately? Suppose that the current limit order book of Tencent shares are as follows: Bid/Ask Price Size Ask 456.00 200 Ask 455.90 700 Ask 455.80 400 Bid 454.20 300 Bid 454.10 100 Bid 454.00 100 a) A new market order arrives to buy 500 shares of Tencent. What will be the average price that this market order is executed? How will the limit order book change? b) Afterwards, a new limit order arrives to buy 300 shares at $454.30. Will this order be executed immedi- ately? How will the limit order book change? c) Finally, a new limit order arrives to sell 200 shares at $454.25. Will this order be executed immediately?