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Supported Order Types

CBSX supports the following order types:

Order Type

Order Handling

Limit Order (LMT)

1) LMT orders are evaluated for marketability. If not marketable at CBSX or away markets, the order will be booked automatically. If marketable at CBSX and CBSX is part of the NBBO, it executes immediately up to the disseminated size. Any remainder will be treated as though CBSX is not at the NBBO.

2) If marketable at an away exchange, but not at CBSX the order will be "flashed" to API users for a brief period of time (100 milliseconds) for step-up to NBBO. If still not executable, an Intermarket Sweep Order (ISO) will be automatically routed to away exchange(s) showing prices equal to or better than the order limit price.

3) If there is not enough size at away exchanges to execute at a better price than CBSX, the remainder will be executed at CBSX, subject to the order's limit price. Any remaining quantity that is no longer marketable will be booked.

 

Market Order (MKT)

MKT orders are treated similarly to LMT orders with the exception that they are never booked. Additionally market orders will trigger a Request For Quote (RFQ) process if they cannot be fully executed at CBSX or away markets.

 

Immediate or Cancel  (IOC)

IOC orders are immediately executed at CBSX if CBSX is part of the NBBO. If CBSX is not part of the NBBO, an IOC order will be cancelled immediately. If an IOC order is partially executed, the remainder will be cancelled immediately.

 

All-or-None (AON)

AON orders are executed in full as soon as it is possible to do so. If an AON order cannot be executed in full, it will be booked. The publicly disseminated price and size will not include resting AON orders. However, the AON price and size will be shown to API users as contingent quantity, so market participants will know about the resting order.

 

Fill-or-Kill

(FOK)

FOK orders are AON orders with an IOC contingency. If an FOK order cannot be executed in its entirety, it will be immediately cancelled.

 

Stop Order (STP)

STP orders rest in the book until the STP price is triggered (when the primary market trades at or through the STP price). Once the STP price is triggered, the order becomes a MKT order and will follow the MKT order handling described above. STP orders are not displayed in the CBSX market or book depth until they are triggered.

 

Stop Limit Order

(STP LMT)

STP LMT orders rest in the book until the STP price is triggered (when the primary market trades at or through the STP price). Once the STP price is triggered, the order becomes a LMT order and will follow the LMT order handling described above. STP LMT orders are not displayed in the CBSX market or book depth until they are triggered.

 

Opening Only (OPG)

Opening Only orders will trade at the opening price or be immediately cancelled. OPG orders can be MKT or LMT but cannot have any other contingencies.

 

Intermarket Sweep Order (ISO)

ISOs are IOC orders executed up to the LMT price of the order, regardless of the NBBO, as the sender has satisfied all other markets concurrent with the transmission of the ISO to CBSX.

Sell-Short Order

Orders marked Sell Short are evaluated according to the appropriate short sale rule. Currently only NYSE and AMEX-listed securities will be subject to special short sale handling. If a marketable order to sell short is received and cannot be executed due to the short sale rule, the order will be booked at the closest price that would allow it to trade. Last sale prices will be tracked and the resting price of the order will be continually updated until it is traded or cancelled. Certain securities are exempted from short-sale rules. If the security is exempted CBSX will not use the special handling described here, even if the order is marked short.

 

Sell-Short Exempt Orders

These orders are treated as though they were marked as long orders.

 

Reserve Order

Reserve orders allow a user to display only a certain amount of the order in the disseminated quote. The user indicates the display quantity and only that amount is displayed. The remainder of the reserve order will trade against incoming orders; however, it will not retain time priority over other orders that are displayed.  The display quantity will be replenished once 100 shares have traded. CBSX rules may require a minimum display amount on the order.

 

Cross-Only

Cross only orders are used when two parties are planning to cross or meet between the current market. The two orders will be executed against one another as long as they are between the CBSX market and at or better than the NBBO.  Both orders must match on price and size. If the orders cannot be executed according to the rules, both orders will be cancelled immediately. If the sell order is marked as short and the price violates the short sale rules in place, both orders will be cancelled. Cross orders can be sent paired or separately.

 

Mid-Point Cross

A cross-only order with a price of MKT. Both orders will automatically cross at the mid-point of the NBBO. Mid-point cross orders can be sent paired or separately.

 

Cross and Sweep

Cross orders that trade outside the current best market. Before trading against each other they will sweep the CBSX book and the top of any away markets that are better than the crossing price. The price on the two orders must match; however, it is not required (but recommended) that the sizes match. Once both orders have traded as much as possible any remaining quantity will be cancelled. Cross and Sweep orders can be sent paired or separately.

 

Time In Force

CBSX accepts orders with a Time In Force of DAY.





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