This memo is to clarify the PER Merged Order Log Commission Bill codes for equities (NOT INCLUDING ETFs) contained in IC #99-1317 as those codes (which incorporated previous codes by reference) were apparently confusing to some users. That Circular and the previous one are linked above for reference.
| Code |
Definition |
| A |
Non-Billable: A "Target Segment" Order [i.e., off-Floor, system-delivered, system-executed, customer (not a non-member competing market maker), equity (not ETF) orders for less than 2,100 shares] which meets any of the following conditions
On close (Market or Limit)
Limit orders executed in more than 2 minutes
Tick sensitive (Market or Limit)
Non-regular-way settlement (Market or Limit)
Market orders stopped at one price and executed at a better price |
| C |
Non-Billable: A "Target Segment" Order [off-Floor, system-delivered, system-executed, customer (not a non-member competing market maker), equity (not ETF) orders for less than 2,100 shares] which meets any of the following conditions
Executed on the opening (first report from Display Book assumed to be the opening)
Contra is specialist as principal
Market order
Limit orders executed in 2 minutes or less |
| D |
Billable: NOT a "Target Segment" Order which is not for a non-member competing market maker and which meets any of the following conditions
On close (Market or Limit)
Limit orders executed in more than 2 minutes
Tick sensitive (Market or Limit)
Non-regular-way settlement (Market or Limit)
Market orders stopped at one price and executed at a better price |
| F |
Non-Billable: NOT a "Target Segment" Order which is not for a non-member competing market maker and which meets any of the following conditions
Executed on the opening (first report from Display Book assumed to be the opening)
Contra is specialist as principal
Day Market order
GTC Market orders of 30,099 or less
GTC Market orders from 31,000 up to 100,000 entered on-Floor OET order and sent to Display Book
Day Limit orders executed in 2 minutes or less
GTC Limit orders of 30,099 or less executed in 2 minutes or less
GTC Limit orders from 31,000 up to 100,000 entered on-Floor OET order and sent to Display Book and executed in 2 minutes or less |
| G |
Non-Billable: Similar to a "Target Segment" Order [off-Floor, system-delivered, system-executed, equity (not ETF) orders for less than 2,100 shares], but for the account of a non-member competing market maker which meets any of the following conditions
Executed on the opening (first report from Display Book assumed to be the opening)
Contra is specialist as principal
Market order
Limit orders executed in 2 minutes or less |
| I |
Non-Billable: NOT a "Target Segment" Order which is for a non-member competing market maker and which meets any of the following conditions
Executed on the opening (first report from Display Book assumed to be the opening)
Contra is specialist as principal
Day Market order
GTC Market orders of 30,099 or less
GTC Market orders from 31,000 up to 100,000 entered on-Floor OET order and sent to Display Book
Day Limit orders executed in 2 minutes or less
GTC Limit orders of 30,099 or less executed in 2 minutes or less
GTC Limit orders from 31,000 up to 100,000 entered on-Floor OET order and sent to Display Book and executed in 2 minutes or less |
| J |
Billable: Similar to a "Target Segment" Order [i.e., off-Floor, system-delivered, system-executed, customer, equity (not ETF) orders for less than 2,100 shares], but for the account of a non-member competing market maker which meets any of the following conditions
On close (Market or Limit)
Limit orders executed in more than 2 minutes
Tick sensitive (Market or Limit)
Non-regular-way settlement (Market or Limit)
Market orders stopped at one price and executed at a better price |
| K |
Billable: NOT a "Target Segment" Order which is for a non-member competing market maker and which meets any of the following conditions
On close (Market or Limit)
Limit orders executed in more than 2 minutes
Tick sensitive (Market or Limit)
Non-regular-way settlement (Market or Limit)
Market orders stopped at one price and executed at a better price |
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