摘要:
An enhanced system and method for handling, matching and executing discretionary orders in an electronic options environment is disclosed. Market maker entitlements are integrated with the discretionary order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an incoming discretionary order priced at or better than the NBBO is received. If the incoming discretionary order cannot execute at the NBBO using its display price, then it will use as much discretion as is required to participate in a market maker entitlement if the market maker is quoting at the NBBO, and to execute against the order book and route to away markets quotations at the NBBO. Once posted to the order book, only the display price of a discretionary order is eligible for preferential execution in a market maker entitlement process.
摘要:
An enhanced system and method for handling, matching and executing discretionary orders in an electronic options environment is disclosed. Market maker entitlements are integrated with the discretionary order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an incoming discretionary order priced at or better than the NBBO is received. If the incoming discretionary order cannot execute at the NBBO using its display price, then it will use as much discretion as is required to participate in a market maker entitlement if the market maker is quoting at the NBBO, and to execute against the order book and route to away markets quotations at the NBBO. Once posted to the order book, only the display price of a discretionary order is eligible for preferential execution in a market maker entitlement process.
摘要:
An enhanced system and method for handling, matching and executing discretionary orders in an electronic options environment is disclosed. Market maker entitlements are integrated with the discretionary order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an incoming discretionary order priced at or better than the NBBO is received. If the incoming discretionary order cannot execute at the NBBO using its display price, then it will use as much discretion as is required to participate in a market maker entitlement if the market maker is quoting at the NBBO, and to execute against the order book and route to away markets quotations at the NBBO. Once posted to the order book, only the display price of a discretionary order is eligible for preferential execution in a market maker entitlement process.
摘要:
A program trade order process and related market center are disclosed which accumulate program trade orders throughout the trading day and execute the accumulated program trade orders at a designated time. The process disclosed provides trade reporting and order surveillance capabilities as well.
摘要:
The disclosure provides a fuel cell system comprising a fuel cell stack and an electrical control unit configured to adjust operating parameters of the fuel cell stack to optimize operation of the fuel cell system based on a standard deviation of voltage outputs from a plurality of cells in the fuel cell stack.
摘要:
A method of shutting down operation of a fuel cell system comprising a fuel cell stack, the method comprising the sequential steps of: i) ceasing a supply of fuel to the fuel cell stack; ii) closing a shut-off valve on an exhaust line in fluid communication with a cathode system of the fuel cell system, the cathode system comprising a cathode fluid flow path passing through the fuel cell stack; iii) pressurising the cathode system with an air compressor in fluid communication with a cathode air inlet port in the fuel cell stack; and iv) ejecting water from the cathode flow path.
摘要:
An enhanced system and method for handling, matching and executing a diverse group of limit-priced orders in an electronic options environment is disclosed. Most of the order types disclosed are automatically repriced and reposted as the NBBO changes to increase their execution opportunities. Market maker entitlements are integrated with the order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an order priced at or better than the NBBO is received. Once posted to the order book, the displayed price of an order may be eligible for preferential execution in a market maker entitlement process, regardless of whether the displayed price is original or has been automatically repriced.
摘要:
A reprice-to-block order and related market center and process are disclosed which automatically reprice a posted limit order to the price of a block trade executed at an inferior price on a market away from the market center that posted the limit order.
摘要:
An anti-internalization order modifier and related market center and process are disclosed which prevent orders sent from the same trading firm from executing against one another on the posting market center the orders are posted on.
摘要:
A fuel cell assembly provides for direct water delivery to water injection points in the active area of fluid flow field plates of the assembly. The fluid flow field plate has a plurality of channels formed in the surface thereof which extend across the surface of the plate in a predetermined pattern, defining the active area of the plate. A distribution foil has a plurality of channels formed in a surface thereof which channels extend from a first edge of the distribution foil to a second edge of the distribution foil. The channels terminate at the second edge at positions substantially coincident with respective ones of the field plate channels at water injection points. A cover foil extends over the distribution foil to enclose the distribution foil channels and thereby form conduits for the water between the two foils.