Summon with a Limit is Executed

This page applies to a Summon with a limit (537=1 with Price, 44), whose limit goes on the book 5 seconds after the request. A Summon (537=0) places no order: the requester trades by hitting a response on TR.

If the limit crosses resting orders when it goes on the book (responses and other orders), both parties receive executions on TR and DC, as described in Execution, for both Partial Fills and Complete Fills. Fills do not arrive on RQ.

If the limit crosses more than one order, it fills in price priority, as usual in live markets — best price first — until either all its quantity is filled or the next order no longer crosses.

If the limit does not cross (or partially crosses), all parties involved (the requester and all responders) can either:

• Aggress on the limit directly in the live market, or
• Move their prices closer to, or through, the other side to execute.