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  • No : 19585
  • Updated Date : 2026/03/02 09:00
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[arrowhead4.0] Why are the quote prices different between FLEX Standard and MBO?

[FLEX] Why are the quote prices different between FLEX Standard and Market by Order (MBO)?
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Answer

Because the distribution specifications differ between FLEX Standard and Market by Order (MBO), the prices included in the distribution may also differ. For MBO, orders are generally distributed as they are placed, whereas for Standard, the prices may be edited before distribution. The main examples are as follows.

-While a Special Quote is displayed, the price on the opposite side of the Special Quote in the Q1 tag is set to the same value as the Special Quote, regardless of whether there are orders at that price.
-While a Special Quote is displayed, for Standard, the cumulative quantity at the Special Quote price and at prices with higher priority than the Special Quote are set to the Special Quote price, and information for prices with higher priority than the Special Quote is not distributed. On the other hand, for MBO, the order status is distributed as is, regardless of whether a Special Quote is displayed. The same applies when a Sequential Trade Quote is displayed.
-Special Quote/Sequential Trade Quote prices are set in the Q1 tag for Standard. On the other hand, for MBO, they are set as the book center price in the O tag.
-When a Quote Before Opening is set in the Q1 tag, the price is not necessarily a price at which there are actual orders.
-Until the start of Pre-Closing, the orders with closing conditions are not included in the distribution for Standard.