How do I explain price/time priority and auditability?

Short explanation:

Price/time priority chooses better eligible prices first and then the earlier accepted order among equal-price orders in a simple matching model. Auditability means accepted inputs and resulting decisions can be reconstructed and checked. Concurrency control, durable sequence and exact quantities are needed so recovery does not change the outcome.

Key points:

• In a simple continuous matching model, better eligible prices win first; equal prices use accepted order sequence.

• Partial fills leave a remaining quantity; cancellation and matching must have a clear order.

• Record accepted commands and outcomes so results can be checked and recovered.

• Actual allocation rules depend on the product; do not assume every IPO uses continuous matching.

• Clarify partial fills, cancellation order, price units and allocation rules before proposing locking or partitioning.

Interview point:

• Treat continuous order matching as one domain model; confirm whether the IPO platform used different allocation rules.