diff --git a/crates/fidc-core/src/broker.rs b/crates/fidc-core/src/broker.rs
index ca2b5a6..9348d50 100644
--- a/crates/fidc-core/src/broker.rs
+++ b/crates/fidc-core/src/broker.rs
@@ -1285,17 +1285,21 @@ where
                         || self.quote_has_executable_liquidity(quote, side, matching_type))
             });
         };
-        quotes
+        let latest = quotes
             .iter()
             .filter(|quote| {
                 quote.timestamp <= cursor
                     && self
                         .select_quote_reference_price(snapshot, quote, side, matching_type)
                         .is_some()
-                    && (!require_executable_liquidity
-                        || self.quote_has_executable_liquidity(quote, side, matching_type))
             })
-            .max_by_key(|quote| quote.timestamp)
+            .max_by_key(|quote| quote.timestamp)?;
+        if require_executable_liquidity
+            && !self.quote_has_executable_liquidity(latest, side, matching_type)
+        {
+            return None;
+        }
+        Some(latest)
     }
 
     fn process_limit_shares(
@@ -6171,6 +6175,45 @@ mod tests {
         assert_eq!(fill.legs[0].price, 10.0);
     }
 
+    #[test]
+    fn minute_last_exact_time_does_not_fallback_to_older_liquid_quote() {
+        let date = chrono::NaiveDate::from_ymd_opt(2025, 1, 2).expect("valid date");
+        let broker = BrokerSimulator::new(ChinaAShareCostModel::default(), ChinaEquityRuleHooks)
+            .with_matching_type(MatchingType::MinuteLast)
+            .with_volume_limit(true)
+            .with_volume_percent(0.25)
+            .with_liquidity_limit(true);
+        let mut quote_0931 = limit_test_quote(10.0, 9.99, 10.01);
+        quote_0931.timestamp = date.and_hms_opt(9, 31, 0).expect("valid timestamp");
+        quote_0931.volume_delta = 10_000;
+        quote_0931.ask1_volume = 10_000;
+        quote_0931.bid1_volume = 10_000;
+        let mut quote_1015 = limit_test_quote(10.2, 10.19, 10.21);
+        quote_1015.timestamp = date.and_hms_opt(10, 15, 0).expect("valid timestamp");
+        quote_1015.volume_delta = 0;
+        quote_1015.ask1_volume = 10_000;
+        quote_1015.bid1_volume = 10_000;
+
+        let fill = broker.select_execution_fill(
+            &limit_test_snapshot(),
+            &[quote_0931, quote_1015],
+            OrderSide::Sell,
+            MatchingType::MinuteLast,
+            Some(date.and_hms_opt(10, 15, 0).expect("valid timestamp")),
+            Some(date.and_hms_opt(10, 15, 0).expect("valid timestamp")),
+            1_000,
+            100,
+            100,
+            100,
+            false,
+            None,
+            None,
+            None,
+        );
+
+        assert!(fill.is_none(), "{fill:?}");
+    }
+
     #[test]
     fn minute_last_volume_limit_rejects_sub_lot_quote_volume() {
         let date = chrono::NaiveDate::from_ymd_opt(2025, 1, 2).expect("valid date");