Examples of Linkage Order in a sentence
The Commission believes that reducing the time required by a Participant to respond to a Linkage Order and the amount of time a member sending a Linkage Order must wait before trading through a nonresponsive Participant should facilitate the more timely execution of orders across the options exchanges.
Accordingly, executions arising from either a Principal Acting as Agent (‘‘P/A’’) Linkage order, or a Principal Linkage Order that are routed to the Exchange from other market centers will be subject to the same trade related charges assessed on market maker executions originating from the PCX.
In Joint Amendment No. 22, the Participants proposed to reduce the amount of time a member must wait after sending a Linkage Order to a market before the member can trade through that market.
Under the trade and ship proposal, any execution received from the NBBO market must (pursuant to agency obligations) be reassigned to the customer order that is underlying the Linkage Order that was transmitted to ‘‘take out’’ the NBBO market.
In Joint Amendment No. 25, the Participants proposed to reduce the amount of time a member must wait after sending a Linkage Order to another market before the member can trade through that market.
If the price of the Linkage Order is no longer available on any market, then HAL would execute the remainder of the order against the Exchange’s existing quote provided such execution would not result in a trade-through.
When purchasing or selling, either as principal or agent, any options series of an Eligible Option Class, or when sending a Linkage Order, members of a Participant should avoid initiating a Trade-Through unless one or more of the provisions of paragraph (iii) below are applicable.
The accepted packets are later analyzed for patterns by the pattern matcher.
Specifically, if a member 6 of an Exchange does not receive a response to its Linkage Order 7 seconds, that member would be able to reject any response purporting to be an execution received thereafter.
Under the trade and ship proposal, any execution received from the NBBO market must (pursuant to agency obligations) be reassigned to the customer order underlying the Linkage Order that would be transmitted to trade with the NBBO market.