Safeguarding Your Information
Don’t be afraid of the dark.
Information leakage can negatively impact your trading. We designed SNAPSM Auctions to minimize information leakage. There is no disclosure of the side, size, and price of any Start SNAP Order nor is there disclosure of the side, size, price, or even the existence of any SNAP AOO. Unlike most other orders in a normally lit marketplace, Start SNAP Orders and AOOs cannot be pinged or otherwise detected.
What’s dark about a SNAPSM Auction?
- The CHX Quote: There is no published CHX quote during the SNAP Auction Cycle.
- The CHX Limit Order Book: There is no visibility into the Order Book during the Start SNAP Auction Cycle.
- The Start SNAP Auction Order: Both limit price and side are undetectable. Order size is unknown other than that the SNAP Order meets minimum size requirements.
- Other Orders: SNAP AOOs are undetectable at any time.
- The Clearing Process: Unless the order sender decides otherwise, all trades are cleared anonymously.