Question 5 Below is a list of eight orders that are submitted over time. How would these orders execute in a limit order book market? Assume the limit order book is empty before the first order S1. Orders ID Time Order Type Size Price S1 11:48:03 Limit Sell 600 $18.59 B1 11:48:11 Limit Buy 500 $18.55 S2 11:48:26 Limit Sell 500 $18.59 B2 11:48:31 Limit Buy 200 $18.54 S3 11:48:38 Market Sell 300 B3 11:48:42 Limit Buy 200 $18.59 S4 11:48:49 Limit Sell 300 $18.57 B4 11:48:57 Market Buy 400 (a) What is the state of the limit order book immediately after the order B2? (b) What time is the first trade? c) What is the Best-Bid-Offer (BBO) and bid-ask spread at 11:48:51am? (a) What is the state of the limit order book after all 8 orders have been processed? (3+1+3+3= 10 marks)