Reserve Orders and Other Undisplayed Interest
Chapters in this video
What this video covers
- How a Reserve Order displays one portion of its size while holding the rest as reserve interest
- Why displayed quantity receives Priority 2 treatment while reserve interest receives Priority 3 treatment
- How replenishment creates a new working time for the display quantity while the reserve interest keeps its original working time
- Why reserve interest is handled before displayed quantity when a Reserve Order is reduced or routed
- How a Non-Displayed Limit Order is priced at the PBBO even when its limit price is more aggressive
- How Midpoint Liquidity (MPL) Orders behave when the PBBO is missing, locked, or crossed, including the difference between a plain MPL Order and an MPL Immediate or Cancel (IOC) Order
- The three conditions that trigger a Tracking Order and why the order can execute the entire remaining quantity
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