45 Action: Order C, Dark Limit Buy of 500, MIS 300 @ 10.01 is entered. Order D, Dark Limit Sell 200 @ 10.01 is entered. Order E, Dark Limit Sell 400 @ 10.01 is entered. Result: Order C assigned: Limit/Booked Price 10.01, MIS 300. Order D does not meet Order C’s MIS requirements; rests in book. Order E fully filled 400 shares of Order C @ 10.01. Order C’s available quantity is less than MIS; now trades board lot. Order C fully filled 100 shares of Order D @ 10.01. Order D rests in the book: 100 shares @ 10.01. Updated Book NBBO: (10.00, 10.02) ID Order Type Volume Bid Offer Volume Order Type ID D Dark Limit 200 10.01 10.01 300 MIS 500 Dark Limit C E Dark Limit 400 10.01 10.01 100 Dark Limit C D Dark Limit 100 10.01 10.02 1000 Displayed Limit B A Displayed Limit 1000 10.00 14.3.9 Active Dark Limit with MIS and Cancels Back Dark Limit Order with Minimum Interaction Size (MIS) instruction and cancels back the remaining quantity once the order size falls below the MIS threshold. NBBO = (10.00, 10.02) FIX Tag 20221 = Y (Yes) 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 of 1000, MIS 700 @ 10.01 is entered with 20221 = Y. 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, MIS 300. Order D does not meet Order C’s MIS requirements; rests in the book. Order E fully filled 800 shares of Order C @ 10.01 (satisfying MIS 700). Order C’s available quantity is less than MIS; remaining 200 shares cancel back. Order D rests in the book: 100 shares @ 10.01. Updated Book NBBO: (10.00, 10.02)
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