Floor Routing (C1 Only)
All orders routed to the floor must include explicit routing instructions that include two features: 1) floor routing instruction indicating Direct or Default routing behavior and 2) floor destination information. Floor routing behavior is specified in FloorRoutingInst (22303). Direct routing sends the order to the indicated PAR workstation, while default routing indicates that electronic execution is preferred, but the order may be routed to the indicated PAR if it cannot be processed electronically.
Examples of conditions which cause default routing to the Floor include:
- a complex order having an AON contingency
- a complex order with multiple underlying components
- not held orders
Floor destination instructions are specified in FloorDestination (22100), indicating a PAR workstation (ex. W001) to route to on the floor (or PARO to route to the Floor PAR Official of the underlying symbol) if not specified on the inbound message. See Port Attributes for information on available port attributes, including Default FloorRoutingInst and Default FloorDestination.
| Order Tags/Port Settings | Handling of the Order | ||||
|---|---|---|---|---|---|
| Order Floor Destination | Order FloorRoutingInst | Port Default Floor Destination | Port Default FloorRoutingInst | Orders Only Executed on Floor (i.e. complex AON) | All Other Order Types |
| E (default) | Reject: ineligible for electronic book | Process electronically | |||
| D | Reject: requires a floor destination | Reject: requires a floor destination | |||
| X | Reject: requires a floor destination | Reject: requires a floor destination | |||
| W001 | E (default) | Reject: ineligible for electronic book | Process electronically | ||
| W001 | D | Route to floor: W001 | Route to floor: W001 | ||
| W001 | X | Route to floor: W001 | Process electronically | ||
| W009 | E (default) | Reject: ineligible for electronic book | Process electronically | ||
| W009 | W001 | D | Route to floor: W009 | Route to floor: W009 | |
| W009 | X | Route to floor: W009 | Process electronically | ||
| W009 | E | Reject: ineligible for electronic book | Process electronically | ||
| W009 | D | Route to floor: W009 | Route to floor: W009 | ||
| W009 | X | Route to floor: W009 | Process electronically | ||
| E | Reject: ineligible for electronic book | Process electronically | |||
| D | Reject: requires a floor destination | Reject: requires a floor destination | |||
| X | Reject: requires a floor destination | Process electronically | |||
E = Electronic only D = Direct X = Route to floor if unable to process electronically