The first step in determining match priority occurs prior to the specific CIX book entering into a matchable state. Prior to entering into a matchable state, CIX gathers orders in its system and such orders’ match priority will be based on price, display, broker and the time at which such orders are received relative to other orders.
The second step in determining match priority occurs after the CIX book enters into a matchable state. After the CIX book enters into a matchable state, the match priority for any orders that arrive between that time and before the match event will be based on the time of their receipt by the ATS, i.e., sequentially in order of arrival.
In match events, when applicable, price improvement will always be provided to the taker (i.e., the remover).
