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### Display Quantity Orders with Pro Rata

For participation in a Pro Rata step, a Display Quantity Order quantity is treated as equal to its Display Quantity orders only participate in Pro Rata based on their working displayed quantity. Undisclosed quantity has no impact on an order’s match during this step.

#### Pro Rata Example

Given:

1. Orders in the below table are at the same price on the buy side.
2. Earliest timestamp is Order 1, then order 2, etc.
3. The sell aggressor is at the same price as the buy orders.
4. The sell aggressor is a 50 lot.
5. The Pro Rata Minimum for this contract is 2.

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If any of these orders were Display Quantity with more quantity hidden, the calculation would not change. Display Quantity orders only participate in Pro Rata based on their working displayed quantity.

Order

Working Quantity Before step

Math formula used to distribute lots

Results

Rounded down

Allocated lots

Remaining quantity after step

1

5

5/403*50

0.62

0

0

5

2

9

9/403*50

1.11

1

0

9

3

57

57/403*50

7.07

7

7

50

4

4

4/403*50

0.49

0

0

4

5

28

28/403*50

3.47

3

3

25

6

300

300/403*50

37.22

37

37

263

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