It stands for market by order; a trading methodology that allows dealers to observe outstanding orders available in the market based on the price/ time priority, where the orders with best prices are displayed first. Orders with the same price will be arranged on first-entered, first displayed basis. Order amounts are not aggregated. However, the market by order features open price/ YTM, high price/ YTM, low price/ YTM, last traded price/ YTM, last traded amount, total traded amount, and total bids and offers.

Market by order can help market participants track order flows (and market liquidity) as well as the market participant information (MPID) of bid and ask orders.