What Is the Equivalent Concept to a ‘Mempool’ in Traditional Options Trading Order Execution?

The closest equivalent is the 'Order Book' or the 'Order Queue' managed by an exchange or a central limit order book (CLOB). Similar to the Mempool, the Order Book holds unexecuted orders (bids and asks) waiting to be matched and confirmed.

These orders are not yet final trades. The exchange's matching engine processes these orders based on price and time priority, analogous to miners selecting transactions based on fee priority.