How should a market center report on partial executions and partial cancellations of orders under the Rule?
The Rule’s statistics are designed to handle multiple partial executions and/or cancellations of an order. Immediately upon receipt by a market center, an order is permanently classified as falling within one of the 20 possible records relating to a subcategory of security/order type/order size. Thereafter, all executions and/or cancellations of the order will be included in the fields of information for that single record. Except for the field of information for total number of covered orders, all of the other fields of information required by the Rule are reported in terms of number of shares or share-weighted amounts. Consequently, each partial execution or cancellation can be reflected separately in the statistics. Example 11-1: A market center receives a market order to buy 3000 shares of Security A at 3:30:00 p.m. The Consolidated BBO for Security A at the time of order receipt is $25.30 bid and $25.60 offer. The market center executes the order in three partial executions: 400 s
Related Questions
- How should a market center report on orders received during regular trading hours, but that remain unexecuted and uncancelled at the end of regular trading hours on the day of order receipt?
- How should a market center report under the Rule when the Consolidated BBO used to calculate the Rules statistics appears to be erroneous?
- How should a market center report under the Rule on an order that it receives and executes as riskless principal?
