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Order Display
ArcaEdge allows you to participate in a more transparent OTC market by displaying orders in both ArcaBook® and the OTC Montage. View all orders — regardless of their price level — in the ArcaBook, or simply view the best bid and offer displayed in the OTC Montage. ArcaEdge orders are anonymously represented by the Market Participant ID "ARCA" in the OTC Montage.
All ArcaEdge OTC orders are displayed and executed on price/time priority. The ArcaBook information includes:
- Priced bids and offers
- Orders aggregated by price
- Share size available at the bid or ask price
- Time of quote update
- Anonymous representation under the symbol ARCBB
Attributed quotes are optional. Market Makers may choose to have their quotes attributed on ArcaEdge, via the ArcaBook feed, using their Market Participant ID. Or you may decide to post your order anonymously.
Order Execution
When the ArcaEdge order book is at the inside, your order will immediately be filled on ArcaEdge. The average speed of an order executed internally is less than one second. If a Market Maker is at the inside, the order will be routed at their displayed price. ArcaEdge orders are routed via direct connections, ACES® or phone calls to specific Market Makers made by our Trade Support Desk. Execution times will vary on orders routed outside of our system, based on the routing destination. Electronic orders are routed at a multiple of the displayed quote size, based on prior execution history. Any orders executed via phone will be presented for the full order size. Once an order has been routed, the balance is immediately displayed in the ArcaBook and displayed in OTC Montage in no more than 30 seconds.
ArcaEdge will assist you with NASD's Three Quote Rule. To assist you in following applicable regulations, the ArcaEdge trade support staff will use reasonable diligence and exhaust all efforts to find the additional quotes required before executing client orders. That means we will obtain the necessary quotes on your behalf before executing an order. These quotes can be provided to you upon request.
Orders received by non-subscribers of ArcaEdge, as permitted by SEC Rule 301(b)(3), shall be treated as Immediate-Or-Cancel (IOC) orders, whether indicated as such or not, and will be identified with the IOC Special Handling Code for ArcaEdge's OATS reporting purposes.
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