A Central Limit Order Book (CLOB) is a decentralized, electronic order-matching system used in financial markets. It maintains a real-time list of buy and sell orders, ranked by price-time priority, ensuring fair and transparent price discovery.

✅ Market participants place limit orders, which are matched with opposing orders.
✅ Orders remain in the book until executed or canceled.
✅ Commonly used in stock exchanges, crypto trading, and forex markets.
✅ Supports advanced order types like market, limit, stop-loss, and iceberg orders.
✅ Ensures liquidity and efficient trade execution.