43 NBBO = (10.00, 10.02) ID Order Type Volume Bid Offer Volume Order Type ID A Displayed Limit 1000 10.00 10.02 1000 Displayed Limit B Action: Order C, Dark Midpoint Peg Buy 300 @ 10.02 is entered. Order D, Dark Limit Sell MIS 200 & MIN 400 of 700 @ 10.01 is entered. Result: Order C assigned: Limit 10.02, Booked Price 10.01. Order D assigned: Limit/Booked Price 10.01, MIS 200, MinQty 400. In this case, MIS takes priority. Order D interacts with Order C, partially filling @ 10.01. Order D rests in book with 400 shares @ 10.01; both MIS & MIN instructions. Updated Book NBBO: (10.00, 10.02) ID Order Type Volume Bid Offer Volume Order Type ID C Midpoint Peg 300 10.01 10.01 200 MIS 700 400 MIN 700 Dark Limit D A Displayed Limit 1000 10.00 10.01 200 MIS 400 400 MIN 400 Dark Limit D 10.02 1000 Displayed Limit B 14.3.6 Passive Dark Limit: MinQty Exhausted, Trades Board Lot Dark Limit Order with Minimum Quantity (MIN) instruction has its remaining quantity depleted below the MIN threshold and trades board lot. NBBO = (10.00, 10.02) ID Order Type Volume Bid Offer Volume Order Type ID A Displayed Limit 1000 10.00 10.02 1000 Displayed Limit B Action: Order C, Dark Limit Buy MIN 700 of 1000 @ 10.01 is entered. Order D, Dark Limit Sell 100 @ 10.01 is entered. Order E, Dark Limit Sell 800 @ 10.01 is entered. Result: Order C assigned: Limit/Booked Price 10.01, MIN 700. Order D does not meet Order C’s MIN requirements; rests in the book. Order E fully filled 800 shares of Order C @ 10.01 (satisfying MIN 700). Order C’s available quantity is less than MIN; now trades board lot. Order D fully filled 100 shares of Order C @ 10.01. Order C rests in the book: 100 shares @ 10.01. Updated Book NBBO: (10.00, 10.02)
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