Electronic price improvement auction mechanism for Single-Leg and Complex paired orders of any size.
Price Accessibility | CUBE auctions can trade in penny increments despite the spread otherwise required for any given series. |
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Price Improvement | CUBE Orders can seek price improvement prior to execution, with no minimum size requirement. |
Flexibility | Using the Surrender Quantity function, a submitting firm can request that the Contra order receive less than the 40% guaranteed allocation (conditional on receiving enough responses to trade with the order). |
Determinism | Robust functionality offers auction ability to run its full duration, bolstered by concurrent auction functionality and continuous trading support. |
Response Discretion | Using a special Time-In-Force designation, firms may submit GTX responses which will only trade with a CUBE order, if at all, then cancel. GTX orders can be further defined with an Auction ID to target a specific CUBE auction. |
Execution Guarantee | Even if there is no price improvement on the CUBE order, the execution is guaranteed upon submission (does not apply to AON CUBE) |