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ECNs, Exchanges
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Re: Market on close orders pre-assignment
Mahesh Kumaraguru <>
5 Aug 2010 7:30AM ET Hanno,
I agree an order submitter would not want his order to be restricted (locked) on purpose. So I wanted to give the order submitter flexibility to say "do not lock my order". I am looking at FIX connections as below
Investment <---> Smart <---> Market-1
Bank Order
router <---> Market-2
<---> Market-3
There are securities which trade on multiple markets.
A buy side is connected to a Broker's smart order router.
Smart Order router connects to multiple markets.
Market-1 has locking workflow
Market-2 and 3 do not have locking restriction.
Buy side sends a Market on close order with new Tag LockableOrder=N to smart order router for a security which trades on these three markets. The smart order router would exclude Market-1 from the matching markets because of conflicting rules : Market-1 implements locking workflow but this order is not lockable. So based on some other rule this order would get routed to market 2 or 3 only. Is this a valid usecase?
Regards,
K. Mahesh
> Yes, these are not part of the active orders. The process described by Carlos is not one where the user can choose whether his order gets locked or not. Locking is something triggered by the Rules&Regs of the marketplace. An order submitter would not want his order to be restricted (locked) on purpose.
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> > Hanno,
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Re: Market on close orders pre-assignment
Mahesh Kumaraguru 5 Aug 2010 7:30AM ET
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