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SNAPSM Auction Only Order

Your auction, your way.

A SNAPSM Auction Only Order (AOO) is a limit order containing a SNAP AOO modifier. A SNAP AOO can be either:

SNAPSM AOO – Minimum Size Requirements

If the security is NOT subject to a special minimum requirement, then a SNAP Auction Only Order is of sufficient size in either of two ways:

  • A minimum of 2,000 shares

    or

  • A minimum of 250 shares and an aggregate notional value of $25,000 (SNAP AOO reference price times number of shares).

Order Size Calculator

Input order reference price to calculate minimum order size.

Price

Minimum Order Size

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Input order quantity to calculate the minimum limit price required.

Quantity

Minimum Limit Price

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If the security is subject to a special minimum Start SNAP size requirement which overrides the terms stated above, you can find the related data here, uploaded daily on our website.

 

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  SNAPSM AOO – AOO Simple Limit

A Simple Limit SNAP AOO (no pegging instructions) is identical to a simple limit order except:

  • It includes the SNAP AOO modifier to assure that it is dormant, ineligible for matching, and undetectable during open trading
  • Example:
    • BUY 10000 XYZ 20.15
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  SNAPSM AOO – Pegged Same Side – With/Without Offset

A Simple Limit SNAP AOO pegged to the price on the same side of the NBBO with no offset is identical to a simple limit order except:

  • It includes the SNAP AOO modifier to assure that it is dormant, ineligible for matching, and undetectable during open trading 
  • Includes pegging information identifying it as a Primary Pegged Order
  • Examples: 
    • BUY 5000 XYZ NBB
    • SELL 5000 XYZ NBO

A Simple Limit SNAP AOO pegged to the price on the same side of the NBBO with offset is identical to a simple limit order except:

  • It includes the SNAP AOO modifier to assure that it is dormant, ineligible for matching, and undetectable during open trading
  • Includes pegging information identifying it as a Primary Pegged Order
  • Examples:
    • BUY 5000 XYZ NBB – 0.03
    • BUY 5000 XYZ NBB + 0.01
    • SELL 5000 XYZ NBO + 0.03
    • SELL 5000 XYZ NBO - 0.01
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  SNAPSM AOO – Pegged Opposite Side – With/Without Offset

A Simple Limit SNAP AOO pegged to the price on the opposite side of the NBBO with no offset is identical to a simple limit order except:

  • It includes the SNAP AOO modifier to assure that it is dormant, ineligible for matching, and undetectable during open trading
  • Includes pegging information identifying it as a Market Pegged Order
  • Examples:  
    • BUY 5000 XYZ NBO
    • SELL 5000 XYZ NBB

A Simple Limit SNAP AOO pegged to the price on the opposite side of the NBBO with offset is identical to a simple limit order except:

  • It includes the SNAP AOO order modifier to assure that it is dormant, ineligible for matching, and undetectable during open trading identifying it as a Market Pegged Order
  • Includes pegging information
  • Examples:  
    • BUY 5000 XYZ NBO + 0.01
    • SELL 5000 XYZ NBB + 0.01
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  SNAPSM AOO – Midpoint Pegged

A Simple Limit SNAP AOO pegged to the NBBO Midpoint price is identical to a simple limit order except:

  • It includes the SNAP AOO modifier to assure that it is dormant, ineligible for matching, and undetectable during open trading
  • Includes pegging information identifying it as a Midpoint Pegged Order
  • Examples: 
    • BUY 5000 XYZ Midpoint
    • SELL 5000 XYZ Midpoint

 

Order options that give you freedom.