Quote is Executed

If the RFO, while being placed on the market crosses existing Limit Orders (responses and live markets), both parties will receive executions as per the OpenYield FIX Trading Specification document, for both Partial Fills (“Partial Fill”) and Complete Fills (“Trade Fill”).

If the RFO order crosses and there is more than one order to fill, it crosses, as per usual in live markets, from the best price down 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 or through the other side to execute