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On June 2, 2025, BrokerTec on CME Globex introduced 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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If the remaining FAK quantity is from a leave order (tag 6881-ManagedOrder=0) , then move the passive managed order for the same quantity to the top of stack at its price level.

iLink

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Message Impacts

Unsolicited Modify Acknowledgment Messages

In the case of TOS reprioritization with adjusted order quantity, CME Globex will send an unsolicited  iLink 3 Execution Report - Modify (tag 35-MsgType=8, tag 39-OrdStatus=5) message.

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