Effective Sunday, December 15 (trade date Monday, December 16), BrokerTec on CME Globex will introduce the new Top of Stack (TOS) priority feature for U.S. Repo 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:
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Products | Marker Segment ID | Market Data Channel | Market Identifier Code (MIC CODE) |
|---|---|---|---|
BrokerTec U.S. Repo | 42 | MDP Conflated TCP - 516 | BTEC |
BrokerTec TOS
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Scenarios
At the end of the workup, the passive managed order will be prioritized as follows:
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