Fuse ISO Chronology of events

For the Fuse ISO logic to be used, an initiating buy(sell) limit order must be priced better than bid(offer) and the resulting trade must be at least 2000 shares or $10k in value.

Step 1

-System checks to see if we need to Run tentative pricing and allocation.

(Takes any conditional orders and Managed orders along with initiating order to see what would happen with these order categories)

-System requests and then receives BBO data from feeder (Exchange BBO data from every Exchange- size and price)

-Receives top of book data from all Exchanges

Step 2

-Run tentative pricing and allocation (also includes inbound IOI’s if applicable)

-Invite conditionals if applicable and wait for timeout or response

Step 3

-Invite eligible inbound IOI’s (if applicable)

-Invite Liquidity Providers (if applicable)

-System requests and then receives BBO data from feeder (Exchange BBO data from every Exchange- size and price)

-System waits 1 millisecond for responses from Liquidity Providers

Step 4

-Close Auction

-Add orders from CODA book to Auction

-Run pricing and allocation process

-Fix messages for Media trade report to the TRF and ISO orders are sent

-Execution reports are received from ISO orders

-Execution reports are sent to all parties of the trade