FAQ

U.S. Equities ATS

Auction Mechanics, Match Procedure & Order Types

How are OneChronos periodic auctions initiated? And at what frequency?

How are orders matched on OneChronos ATS? What is the “match priority” model?

What order types are available at OneChronos?

How is Aggregate Price Improvement defined?

What is a Smart Market?

Where within or outside the spread can orders match?

Does the ATS support Immediate-or-Cancel (IOC) Orders?

Where can I see some examples of how the auction determines match priority?

How might my order be price improved?

How are Artificial Intelligence/ Machine Learning techniques used by OneChronos?

Trading at OneChronos

Can orders persist for multiple OneChronos auctions? For example, those not matched or not fully executed in a OneChronos auction.

How does the ATS determine which orders are eligible in an auction? What happens to orders received after the auction cutoff?

How does cancel-replace work during the auction life-cycle? Is there a lock-up period?

Who can access OneChronos directly?

Can I send DMA orders through my broker for potential execution at OneChronos ATS?

Does the OneChronos ATS use tiering or segmentation?

Does OneChronos ATS offer Conditional Indications?

Does OneChronos ATS send out Indications of Interest?

How is liquidity taking and liquidity providing defined and considered in the matching process?

Does OneChronos support Odd lots or Mixed Lots?

Does OneChronos support Min Quantity?

What happens when Residual quantity of an order falls below Min Quantity?

Does OneChronos have a self-cross prevention feature?

What securities does OneChronos ATS accommodate?

Can OneChronos accept or rank orders priced in increments smaller than $0.01 (sub-penny)?

Can OneChronos match orders at prices that are not in increments of $0.01 or allow Expressive Bidding constraints that can result in sub-penny executions?

Do you have examples demonstrating situations in which sub-penny executions can occur?

Does OneChronos pass back a liquidity indicator on executions?

Trade Reporting, Visibility & Transparency

Where does OneChronos ATS print its trades?

What data is disseminated through public trading reporting?

Where can I view Form ATS-N for OneChronos ATS?

What is the OneChronos ATS MPID & MIC Code?

Data Center, Market Data & Routing

Where is the OneChronos matching engine located?

Does OneChronos ATS route any orders externally? For example, those not matched in a OneChronos auction.

How is NBBO calculated?

Does OneChronos offer co-location?

Where does OneChronos get its Market Data? Does OneChronos ATS maintain direct market data feeds?

Does OneChronos provide any data feeds?

Connectivity

How can OneChronos be accessed?

Are there any special requirements for order submission via FIX?

What are the hours of operation for OneChronos ATS?

Expressive Bidding

What is Expressive Bidding? How should I consider if Expressive Bidding is relevant for how I trade?

Is Expressive Bidding required to trade at OneChronos?

Can / Does my broker use Expressive Bidding to complement its trading algorithm or smart routing strategies?

Is Expressive Bidding something I would use directly, or through my broker?

Can my Limit price or Quantity ever be violated?

Is Expressive Bidding required to achieve the benefits OneChronos discusses; price improvement, mitigated impact, unique crossing opportunities?

Is there benefit to interacting with other orders which are using Expressive Bidding?

Can OneChronos help me construct Expressive Bid constraints? Are there existing templates? Tutorials?

U.S. Equities ATS

Auction Mechanics, Match Procedure & Order Types

How are OneChronos periodic auctions initiated? And at what frequency?

How are orders matched on OneChronos ATS? What is the “match priority” model?

What order types are available at OneChronos?

How is Aggregate Price Improvement defined?

What is a Smart Market?

Where within or outside the spread can orders match?

Does the ATS support Immediate-or-Cancel (IOC) Orders?

Where can I see some examples of how the auction determines match priority?

How might my order be price improved?

How are Artificial Intelligence/ Machine Learning techniques used by OneChronos?

How is the 2020 Nobel Prize in Economics work related to the auction type used by OneChronos?

Trading at OneChronos

Can orders persist for multiple OneChronos auctions? For example, those not matched or not fully executed in a OneChronos auction.

How does the ATS determine which orders are eligible in an auction? What happens to orders received after the auction cutoff?

How does cancel-replace work during the auction life-cycle? Is there a lock-up period?

Who can access OneChronos directly?

Can I send DMA orders through my broker for potential execution at OneChronos ATS?

Does the OneChronos ATS use tiering or segmentation?

Does OneChronos ATS offer Conditional Indications?

Does OneChronos ATS send out Indications of Interest?

How is liquidity taking and liquidity providing defined and considered in the matching process?

Does OneChronos support Odd lots or Mixed Lots?

Does OneChronos support Min Quantity?

What happens when Residual quantity of an order falls below Min Quantity?

Does OneChronos have a self-cross prevention feature?

What securities does OneChronos ATS accommodate?

Can OneChronos accept or rank orders priced in increments smaller than $0.01 (sub-penny)?

Can OneChronos match orders at prices that are not in increments of $0.01 or allow Expressive Bidding constraints that can result in sub-penny executions?

Do you have examples demonstrating situations in which sub-penny executions can occur?

Does OneChronos pass back a liquidity indicator on executions?

Trade Reporting, Visibility & Transparency

Where does OneChronos ATS print its trades?

What data is disseminated through public trading reporting?

Where can I view Form ATS-N for OneChronos ATS?

What is the OneChronos ATS MPID & MIC Code?

Data Center, Market Data & Routing

Where is the OneChronos matching engine located?

Does OneChronos ATS route any orders externally? For example, those not matched in a OneChronos auction.

How is NBBO calculated?

Does OneChronos offer co-location?

Where does OneChronos get its Market Data? Does OneChronos ATS maintain direct market data feeds?

Does OneChronos provide any data feeds?

Connectivity

How can OneChronos be accessed?

Are there any special requirements for order submission via FIX?

What are the hours of operation for OneChronos ATS?

Expressive Bidding

What is Expressive Bidding? How should I consider if Expressive Bidding is relevant for how I trade?

Is Expressive Bidding required to trade at OneChronos?

Can / Does my broker use Expressive Bidding to complement its trading algorithm or smart routing strategies?

Is Expressive Bidding something I would use directly, or through my broker?

Can my Limit price or Quantity ever be violated?

Is Expressive Bidding required to achieve the benefits OneChronos discusses; price improvement, mitigated impact, unique crossing opportunities?

Is there benefit to interacting with other orders which are using Expressive Bidding?

Can OneChronos help me construct Expressive Bid constraints? Are there existing templates? Tutorials?