Participants enter orders into the system for exposure to an
electronically linked crowd.
The electronic crowd competes for orders by providing opportunities
for price improvement and/or enhanced liquidity.
Each order entered into the system triggers a new auction. All
executions occurring in the system are priced at or within the
National Best Bid and Offer.
Entering Orders
Orders may be exposed for a maximum of 0, 15, or 30 seconds.
When an order encounters acceptable interest in the system, the
auction will end immediately, regardless of any exposure time remaining.
Market orders and immediately executable limit orders may be
submitted for exposure.
Immediately executable limit orders are defined as orders priced equal to or within the prevailing NBBO. They may be submitted only for zero second (immediate) auctions.
Eligible order sizes: 100 - 999,999 shares.
Types of Auction Repsonses
To interact with orders, crowd participants enter responses.
Responses never interact with other responses and are never
disclosed to other participants.
Types of responses: Predefined Relative Indications (PRIs), real-time.
PRIs may be entered in the system at any time. When an order is
exposed, PRIs resident in the system automatically respond to it.
PRIs have no fixed price. They are expressed relative to the NBBO.
Crowd participants may enter real-time responses only to those
orders that are being exposed for more than zero seconds.
