31 Example: On-Stop Orders Assume the CLOB is as follows: BID OFFER Order # Quantity Price Price Quantity Order # 001 1,000 10.00 10.20 1000 002 003 500 9.90 004 On-Stop (hidden) 1,000 9.90 005 1,000 9.80 An incoming order (Order 006) to sell 1,500 shares @ $9.90 is entered, the following trades occur: BUYER ORDER # Seller Order # Quantity Price 001 006 1,000 10.00 003 006 500 9.90 The trade at 9.90 sets the LSP triggering the on-stop and the order becomes visible and the resulting CLOB will be: BID OFFER Order # Quantity Price Price Quantity Order # 004 On-Stop (disclosed) 1,000 9.90 10.20 1,000 002 005 1,000 9.80 Example 2: On-Stop Orders Assume the CLOB is as follows: LSP: 10.20 BID OFFER Order # Quantity Price Price Quantity Order # 001 1,000 10.00 10.20 1000 002 003 500 9.90 004 On-Stop (hidden) 1,000 9.90 005 1,000 9.80
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