Trading Services

 

Order Routing Matrix

Order Capacity Order Origin
(Tag 47)		 Route Away Do_Not_Route* Odd/Mixed
Lot Acceptance		 Auto_Decrement
< 100 Shares**		 Cancel on
Dissconnect
Agency A X   X   X
Broker/Dealer B X   X   X
Agency C X   X    
Program Order/Index Arb (Principal) D X   X   X
Principal E X   X   X
Program Order/Index Arb (Agency) F X   X   X
Principal G X   X   X
Market Maker Quote I   X X X X
Agency Do_Not_Route J   X     X
Principal Do_Not_Route K   X     X
Program Order/Non-Index Arb (Principal) L X   X   X
Market Maker M X   X   X
Program Order/Non-Index Arb (Agency) N X   X   X
Principal P X   X   X
Competing Dealer (Agency) R X   X   X
Competing Dealer (Principal) T X   X   X
Program Order/Index Arb (Agency) U X   X   X
Agency W X   X   X
Program Order/Non-Index Arb (Agency) Y X   X   X
* The balance is automatically cancelled if the limit price would lock/cross another Reg NMS Protected quote      
** Any remaining quantity is automatically cancelled when below 100 shares          
             
Order Contingency CMi Contingency FIX Tag 18 Time-In-Force Trade Through NBBO Flash & Odd Lot Auction Eligible Route Away Eligible
ISO ISO f IOC X    
ISO-Book ISB f Day X    
Reserve RESERVE N/A**        
Cross CROSS B Day*      
Mid-Point Cross CROSS (Price=MKT) B (Price=MKT) Day*      
Tied-Cross TIED_CROSS g Day* X    
Cross Within CROSS_WITHIN j Day*      
Tied-Cross Within TIED_CROSS_WITHIN k Day* X    
Sweep & Cross AUTOLINK_CROSS & AUTOLINK_CROSS_MATCH h & i Day*     X
Bid Peg Cross BID_PEG_CROSS l Day*      
Offer Peg Cross OFFER_PEG_CROSS m Day*      
Next Day Cross NEXT_DAY_CROSS p Day* X    
Two Day Cross TWO_DAY_CROSS q Day* X    
Cash Cross CASH_CROSS o Day* X    
CBSX Only (Do not Route) DO_NOT_ROUTE n or 26*** IOC or Day      
NBBO Flash Then Cancel NBBO_FLASH_THEN_CANCEL 25*** Day   X  
Odd Lot NBBO Only STOCK_ODD_LOT_NBBO_ONLY 24*** Day   X  
Auction Response AUCTION_RESPONSE 14*** Day      
Fill-Or-Kill FOK N/A FOK      
All-Or-None AON G IOC or Day      
* Treated as IOC            
** Price=Limit & Tag 111=Display Quantity          
*** Tag 9384 value            
             





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