Notice No.   20130605-44   Notice Date   05 Jun 2013
Category   Trading   Segment   General
Subject   Change in order matching logic for Revealed Quantity Orders in BOLT
Attachments   Annexure - ;


Trading members of the Exchange are aware that a trader can place different types of orders in BOLT trading system using BOLT TWS or through IML. One such order type is orders with Revealed Quantity condition which allows the trader to place a buy or a sell order by revealing only a small part of total order quantity at a time.
Based on feedback from market participants, it has been decided to change the matching logic in BOLT for orders with Revealed Quantity condition.
Salient features of the changed matching logic of orders with revealed quantity
·         An active order with revealed quantity may trade as much quantity upto its total order quantity when matched with an opposite-side passive order. In other words, it could get completely executed through a single trade regardless of the revealed quantity specified.
·         If an active order with revealed quantity does not get traded immediately or gets partially traded, it shall be added to the order book as per price-time priority as a passive order.
·         A passive order with revealed quantity shall trade only in units of revealed quantity or less, depending on the opposite-side active order quantity.
·         Every time the revealed quantity portion gets fully traded, it will replenish the revealed quantity portion and as a result, the order shall lose its time priority. It shall be re-time stamped and placed in the order book as per prevailing price-time priority.
·         After getting traded, finally, if the remaining order quantity is less than or equal to the original revealed quantity, then entire remaining quantity shall be revealed for potential matching.
This above-mentioned change shall be implemented with effect from Monday, June 17, 2013.
The Exchange recently revised the minimum revealed quantity parameter vide Exchange circular no. 20130314-22, dated March 14, 2013. It may be noted that there shall be no change to this parameter on account of the above-mentioned matching logic change.
In case of any clarifications on the above, members may kindly get in touch with their respective Relationship Managers or contact the Helpdesk as given below –

TWS users
022-6136 3100
Bidur Bhattacharjee – Incharge
022-2272 8210
IML users
IML Technical Support Team
022-2272 8053

For and on behalf of BSE Ltd.,

Rajesh Saraf
Tejash Somaiya
Senior General Manager
Assistant General Manager
Trading Development
Trading Development

June 5, 2013