Periodic auctions still need tie breakers. CBOE for instance falls back to size then time. This is the same tie breaker that some CME futures contracts have used in a continuous order book. Those contracts always had more gamesmanship than standard price/time contracts when I was trading.
Has that become true in the auction space at well?
When they were first introduced, each of the fba books had slightly different mechanics (matching priority, timing, price determination), so each book needs a slightly different approach. I guess you could see it as gamesmanship, but in equity markets dealing with market mechanics properly is just part of the job.
Has that become true in the auction space at well?