43 Resulting Order Book Order Broker Volume Side Resulting trades 1 A 40,000 Buy Order 1 tradeswithOrder 3 for 33,300 shares. Remainder volume tradeswithOrder 4 for 6,700 shares. 2 B 50,000 Buy Order 2 trades with Order 3 for 41,700 shares. Remaining volume are cancelled back. 3 C 75,000 Sell Order 3 is fully filled for 75,000 shares with order 1 and 2. 4 D 10,000 Sell Order 4 is partially filled for 6,700 shares with order 1. Remaining volume booked. Pro-rata allocation: [Individual order’s volume/total buy volume] x total sell volume) Total Buy Volume = 90,000 Total Sell Volume = 75,000 Order 1 [40,000 shares / 90,000] x 75,000= 33,300 shares Order 2 [50,000 shares / 90,000] x 75,000 = 41,700 shares Order 3 Full fill for 75,000 shares with order 1 and 2 Order 4 Partial fill for 6,700 shares with order 1 14.3.3 Dark Opt-in Order triggers invitation in the Conditional book Dark Order Book Order Broker Volume Side Market Instruction? 1 A 10,000 Buy 03 4 D 5,000 Buy Order 1 is a Passive DRK Midpoint order that has opted-in (Market Instruction =”03”) to interact with the conditional book. Order 1 meets the global minimum size and it is tradable with Order 2 in the Conditional book. Order 2 will receive an invitation to firm-up. Conditional Order Book Order Broker Volume Side Invitation? 2 B 15,000 Sell Yes (Tradeable with #1) Dark Opt-in Order continues to interact with other regular Dark order(s) while waiting for the Conditional order to firm-up Dark Opt-in Order continues to interact with other regular Dark order(s) while waiting for the Conditional order to firm-up
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