State Change Tracking

Members wishing to track the state of their routable orders may opt-in to the following functionality at the port level by contacting the Cboe Trade Desk.

Order acks (ExecType = 0), modify acks (ExecType = 5), and restatements (ExecType = D with ExecRestatementReason = 4) will carry TradeLiquidityIndicator (9730) as follows:

• A = Zero or more immediate partial remove fills followed by posting.
• R = Zero or more immediate partial remove fills followed by a cancel (or full fill).
• X = Zero or more immediate partial remove fills followed by routing.

When an order returns from the router, a restatement will be generated with:

• ExecType (150) = D (Restated)
• ExecRestatementReason (378) = 4 (State Change)
• Text (58) = A (Admin)
• TradeLiquidityIndicator (9730) = A, X, or R (as defined above)
• Order details to match the order (OrdQty, Price, etc.)
• Cumulative execution details to match the current status (CumQty, LeavesQty, etc.)
• Current execution details zeroed (LastPx, LastShares, etc.)