46 14.4.3 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 Dark Order Book Order Broker Volume Side Market Instruction? 1 A 10,000 Buy 03 4 D 5,000 Buy 3 (Active) C 1,000 Sell • New DRK active order arrives during the period where the invitation has not expired, and is still outstanding. • Firm DRK orders will execute against DRK orders that have issued an invitation to the conditional book. • Order 1 has time priority over order 4 to trade with order 3 and receives a partial fill for 1000, and order 3 receives a full fill.
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