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Collapse to Mid (CTM) pegged orders match at an ECN-defined mid-point price when an opposing order exists with the same entitlements.

Mid Discretionary pegged orders rest as a passive order, with the discretion to move up to the mid-point price of the BBO when an opposing order arrives with the same entitlements.

Faster fills compared to MDO.

As CTM orders compete to match

at the ECN-defined mid-point price from the start, the matching opportunity for CTM pegged orders is greater compared to MDO pegged orders.

When the attempt to match as a passive order fails, MDO orders move up to the mid-point price of the BBO to

improve matching opportunity.

Aggressive.

As a result of greater matching opportunity, the time that CTM orders rest on the book is shorter compared to MDO orders.

Passive.

Rests on the book longer compared to CTM orders

, as MDO starts as a passive order, and when attempting to match using mid-discretion, it should satisfy the price limitations of the opposing order to match.

Clients trading CTM orders should populate the following fields in the NewOrderMultileg -

• PegPriceType = MarketPeg
• BodyPassthruKey = CollapseToMid with BodyPassthruValue = Y.

Clients trading MDO orders should populate the following fields in the NewOrderMultileg -

• PegPriceType = PrimaryPeg
• BodyPassthruKey = MidDiscretionary with BodyPassthruValue = Y.

Offered by the following

ECN(s):

• cboefx_fixproxy

Offered by the following

ECN(s):

• fastmatch_autoex