Effective Sunday, December 15 (trade date Monday, December 16), BrokerTec on CME Globex will introduce the new Top of Stack (TOS) priority feature for U.S. Repo instruments.
TOS prioritizes the passive managed order of the TOS owner based on the pre-defined TOS requirements.
With this launch, BrokerTec U.S. Repo clients can receive the Unsolicited Modify message in a scenario when the passive managed order (i.e. tag 6881-ManagedOrder=1) is reprioritized with quantity adjustment. Currently, iLink tag 6881 is for internal use only.
The new TOS for products subject to this change will be available for customer testing in New Release on Thursday, October 10.
