Matching Engine and Clearing Integration

Orderbooks use price-time priority. Limit and market order paths share deterministic fill logic with explicit remaining quantity handling.

Fee computation occurs on notional, preventing inconsistent charge behavior across quote assets.

Self-trade prevention and idempotent order mutation controls are required for production connectors.

Partial fills, cancellations, and rejects are all represented as state transitions with receipt artifacts.

Trade outputs can feed clearing obligations where net positions are calculated per cycle before settlement.

This reduces gross settlement load and supports institutional post-trade workflows.