16 5.2 MinimumQuantity and Minimum Interaction Size DRK orders may be submitted with an optional Minimum Quantity (MinQty) or Minimum Interaction Size (MIS) instruction that specifies minimum volume parameters that must be met for the order to trade. MinQty and MIS are available for use with all DRK orders, specifically DRK Peg, DRK Limit, SDL, and CMO+ orders.) 5.2.1 Minimum Quantity MinQty is an optional instruction that may be submitted on DRK orders. This optional instruction will prevent a DRK order from trading unless the total tradable volume meets or exceeds the volume specified in the MinQty instruction. • The MinQty instruction will be enforced on active as well as passive fills. • When enforced on active fills, MinQty determines the minimum aggregate volume that must be filled (regardless of the size of each individual fill) in order to execute actively. • When enforced on passive fills, MinQty allows the resting order to be filled against a contra-side incoming order if the resting order will receive an execution of at least the MinQty size condition. • MinQty orders will book at their limit price, subject to the constraints to prevent them from locking/ crossing with a contra-side visible order. • When the remaining quantity of resting order with MinQty is less than its MinQty size, the order is able to trade in any board lot sized volume. 5.2.2 Minimum Interaction Size MIS is an optional instruction that may be submitted on DRK orders. This optional instruction specifies the minimum size that any single contra-side order must be in order to be eligible to trade against the ‘MIS order’. • MIS will be enforced on both active and passive fills. • For active fills, MIS will be enforced to allow executions against resting contra-side DRK orders that meet or exceed the specified MIS size. • An order with MIS will book at its limit price, subject to constraints that would prevent it from locking/ crossing with a contra-side visible order. • When an incoming order attempts to match against a resting order with MIS, it will compare the incoming order’s original volume against the MIS value to determine eligibility of the incoming order to match. • Active orders with the MIS condition will not execute against passive displayed orders. • When the remaining quantity of resting order with MIS is less than its MIS size, the order is able to trade in any board lot sized volume. 5.2.3 Cancel Remaining Quantity Clients have the option to automatically cancel the remaining quantity if it is less than the specified MinQty or MIS. This can be achieved by using a conditional FIX tag 20221. By default, users will continue to use the existing functionality, where their orders will trade using the board lot-sized volume method. An example of this scenario may be found under Appendix A - 14.3.9 Active Dark Limit with MIS and Cancels Back.
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