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ECNs, Exchanges
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Re: Why is Locked Qty always equals or less than leaves qty ?
Hanno Klein / Deutsche Börse Systems <>
6 Aug 2010 11:30AM ET This discussion is somewhat premature and should happen in the context of the public review of a proposal which has been preliminarily approved by the GTC. It has not even been discussed in a committee or working group that eventually submits it to the GTC.
That said, I will still answer your question.
The whole point is that the trade is NOT executed, i.e. OrdStatus is till "New" and LeavesQty is still 1000. Part of that 1000 has been locked due to "pre-assignment" and the recipient of the order will make sure that the locked qty continues to be available until the end of the day.
Compare it to a credit card transaction where you book into a hotel and they pre-assign the expected amount (or more) with the help of your creidt card company. The actual booking will not occur until you check out but the hotel can be sure to get the money when you check out and not run into a "credit limit exceeded" error because you bought a Porsche in the meantime :-)
To conclude, please wait for (or join) the discussion in the GExMC and GTC to see if the concept has merit and how it will look if approved.
Thanks,
Hanno.
> Hanno,
>
> Why is Locked Qty always equals or less than leaves qty ?
>
> Lets take the case of an market on close Order with OrderQty=1000 reaching a pre-assigning engine where it gets matched for LockedQty=600, then LeavesQty = 1000 - 600 = 400
>
> Am I correct ?
>
> Regards,
> K. Mahesh
>
> >
> > This allows to model Carlos' scenario but also many others where part or all of the order is temporarily not considered for matching or not accessible to the submitter. LockedQty is always equal to or less than LeavesQty. Orders could be locked and released and partially match multiple times during the trading day. In the more general case, OrdStatus could hence also be "Partially Filled" when locking occurs but would not change to this status due to locking.
> >
Re: Why is Locked Qty always equals or less than leaves qty ?
Hanno Klein / Deutsche Börse Systems 6 Aug 2010 11:30AM ET
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