We have recently made an enhancement to CUBS that affects the way Cancel Replaces are handled in the scenario as outlined below:

Scenario: An original order is sent to a CUBS device and it is accepted into the working deck. A Cancel Replace is sent and it resides in the Incoming Window of the CUBS device but has not been accepted by the broker. The broker executes (or partially executes) the original order, and then accepts the Cancel Replace for that order. TOPS will show a Broker Accept (K) in Order History for the Cancel Replace, leaving the customer with the impression that the Cancel Replace is working in the deck. However, since the original order was executed (or partially executed), the Cancel Replace had no effect on the status of the original order.

The enhancement, which is detailed below, alerts the customer to a problem with the Cancel Replace. Firms should address questions regarding specific CUBS order to their CUBS broker.

Enhancement: An original order is sent to a CUBS device and it is accepted into the working deck. A Cancel Replace is sent and it resides in the Incoming Window of the CUBS device, but has not been accepted by the broker. The broker executes (or partially executes) the original order, and then accepts the Cancel Replace for that order. The Cancel Replace will be rejected by CUBS and send a reject (J) message back to TOPS. When you view the details of the reject in TOPS Order History, it will state "Manually Broker Rejected", although CUBS automatically rejected the Cancel Replace. You may Cancel the order, or remainder of the order, at any time.

Please contact Trading Floor Technology Services staff or call Brian Linker at 312-930-1406, if you have any questions.