Effective Sunday, December 15 (trade date Monday, December 16), BrokerTec
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on CME Globex will introduce the new Top of Stack (TOS)
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priority feature for
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U.S. Repo
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instruments. TOS prioritizes the passive managed order of the TOS owner based on the pre-defined TOS requirements.
TOS provides priority to the last trader who has:
- A passive managed order (tag 6881-ManagedOrder=1) in the order book.
- A Fill and Kill (FAK) order that is executed against all available quantity at the end of the workup.
- Remaining FAK quantity.
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