Fuse ISO Examples

CODA FUSE ISO EXAMPLE in stock BYND

Subscriber sends in order to SELL 610 BYND @ 36.58

NBBO 36.59 – 36.73   2 X 3

A 200 share ISO is sent out to remove the 200 shares bid @ 36.59 and it is executed

CODA executes 410 shares internally @ 36.58 and this trade is sent to the tape as Trade Through Exempt with a reason modifier of Intermarket Sweep Order

Subscriber receives an execution for 610 shares at a price of 36.5833

The Liquidity Protection Rule calculator below shows that based on the CODA ISO print size 410 shares and the assumed stock price of $38.70, the Liquidity Protection rule would allow a trade to be priced 7.33(bps) or $.03 cents outside of the NBBO.

 

CODA FUSE ISO EXAMPLE in stock NVDA

Subscriber sends in order to Buy 500 NVDA @ 189.30

NBBO 189.11 – 189.21   1 X 1

A 100 share ISO is sent out to remove the 100 shares offered @ 189.21 and it is executed

CODA executes 400 shares internally @ 189.22 and this trade is sent to the tape as Trade Through Exempt with a reason modifier of Intermarket Sweep Order

Subscriber receives an execution for 500 shares at a price of 189.2180

The Liquidity Protection Rule calculator below shows that based on the CODA ISO print size 400 shares and the assumed stock price $189.44, the Liquidity Protection rule would allow a trade to be priced .75(bps) or $.01 cent outside of the NBBO.

 

CODA FUSE ISO EXAMPLE in stock QQQ

Subscriber sends in order to SELL SHORT  2000 QQQ @ 312.97

NBBO 313.15 – 313.17 2 X 10

Two 100 share ISO’s are sent to remove the 200 shares bid @ 313.15 and they are executed

CODA executes 1800 shares internally @ 313.14 and this trade is sent to the tape as Trade Through Exempt with a reason modifier of Intermarket Sweep Order

Subscriber receives an execution for 2000 shares at a price of 313.1410

The Liquidity Protection Rule calculator below shows that based on the CODA ISO print size 1800 shares and the assumed stock price $315.03, the Liquidity Protection rule would allow a trade to be priced .42(bps) or $.01 cent outside of the NBBO.