Orders are submitted to this system via Web Portal and FIX to the DBOT ATS. DBOT ATS will maintain an electronic book through which orders can be displayed and matched. The central limit order book use two matching algorithms the first is price/ time priority criteria for crossing orders and checks other available venues to assure best execution. The second matching algorithm is price/size with no displayed orders. The ATS Market Participant ID (MPID) registered with FINRA for trading and clearing is “DBOX”.

Price/Time Matching Algorithm

The ATS Price/Time Algorithm is a venue for market participants to post orders in the DBOT ATS book. Two-sided, one-sided or non-priced orders are accepted and displayed in a Price/Time priority. The top of book (inside price best bid/offer) is available in our ATS Order Level I and Level II market data. The ATS top of book will display orders as attributable representing a subscriber’s firm market participant identification (MPID) or under the ATS market participant ID “DBOX” for pre-trade anonymity. All orders at the same price are filled per the time priority.

Price/Size Matching Algorithm

For firms that will only provide liquidity to the ATS, orders may be submitted to the ATS system designated as a price/size, they will be held in the book and ranked by price/size priority with no attribution associated with the order. The matching algorithm checks all available standing orders in the book and fills the order at the same price level per the execution algorithm priority associated with orders in the book using the same criteria.

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