32 The trade at 9.90 sets the LSP triggering the on-stop and the order becomes visible and the resulting CLOB will be: BID OFFER Order # Quantity Price Price Quantity Order # 004 On-Stop (disclosed) 1,000 9.90 10.20 1,000 002 005 1,000 9.80 Example 2: On-Stop Orders Assume the CLOB is as follows: LSP: 10.20 BID OFFER Order # Quantity Price Price Quantity Order # 001 1,000 10.00 10.20 1000 002 003 500 9.90 004 On-Stop (hidden) 1,000 9.90 005 1,000 9.80 An incoming order (Order 006) to sell 1,500 shares@ $9.90 is entered, the following trades occur: BUYER ORDER # Seller Order # Quantity Price 001 006 1,000 10.00 003 006 500 9.90 005 006 1,000 9.80 The incoming order trades with all visible orders at various price levels in the book. The 2nd trade at 9.90 sets the LSP, which triggers the on stop, however the visible order (Order 005) has priority of fill before the on-stop order because it was previously displayed. Resulting CLOB: BID OFFER Order # Quantity Price Price Quantity Order # 004 On-Stop (disclosed) 1,000 9.90 10.20 1,000 002
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