RFO is Executed

If the RFO, while being placed on the market, crosses existing limit orders (responses and live markets), both parties receive executions as described in Execution, for both Partial Fills and Complete Fills.

If the RFO crosses more than one order, it fills in price priority, as usual in live markets — best price first — until either all the RFO quantity is filled or the next order no longer crosses.

If the RFO does not cross (or partially crosses), all parties involved (the initiator and all responders) can either:

• Aggress on the RFO directly in the live market, or
• Move their prices closer to, or through, the other side to execute.