17 6. Allocation Priority and Order Matching 6.1 Phase 1: Board Lot Allocation Throughout the board lot allocation fully visible orders and the disclosed and undisclosed volume of iceberg orders will have priority over DRK orders at the same price. At each price level the allocation will adhere to the following sequence: 1. Broker Preference amongst displayed portions of orders a. Broker Preference among displayed portions of Long Life orders (in time priority if multiple matches exist). b. Broker Preference among displayed portions of non-Long Life orders (in time priority if multiple matches exist). 2. Displayed portions of all other orders a. Displayed portions of Long Life orders (in time priority if multiple matches exist). b. Displayed portions of non-Long Life orders (in time priority if multiple matches exist). 3. Undisclosed portions of icebergs (There is no broker preferencing amongst undisclosed portions of icebergs). a. Undisclosed portions of Long Life icebergs (in time priority if multiple matches). b. Undisclosed portions of non-Long Life icebergs (in time priority if multiple matches). 4. Broker preference amongst DRK volume, in time priority (including Anonymous Broker Preferencing in DRK). 5. DRK order volume in time priority. 6.2 Phase 2: Re-Pricing of DRK Pegged Orders After the Phase 1 board lot allocation, a new Protected NBBO may be realized which will result in a reassignment of the executable price for all eligible DRK Peg orders. When this occurs the system will attempt to allocate eligible re-priced DRK Peg orders according to the steps noted in Phase 1: Board lot allocation. (Eligibility of a repriced DRK Peg order to participate in this Phase of board lot allocation is determined based on whether its pegged value is less aggressive than its limit price.). 6.3 Mixed Lot Allocation Mixed lot DRK orders may be entered as long as they are marked IOC. In these cases, the entire order will follow the same pricing rules as an equivalent board lot DRK order (e.g. if the order is a DRK Peg order, the odd lot portion will also be subject to the peg price). The board lot portion of the order will follow the same allocation steps described in Section 5.1 above. The odd lot portion of the order can trade independently of the board lot portion against a resting odd lot order (if matching on volume) or be automatically executed by a Registered Trader/Market Maker or Odd Lot Dealer (if priced at the opposite side Protected NBBO).
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