Implied Orders

Implied Orders feature allows the filtering, merging and dual_book separation of orders identified as implied by the market.

This feature operates at instrument granularity, meaning that for each instrument in the dictionary, the following modes may be selected:

• outright — processing and publication of outright orders only. Implied orders are discarded

• merged — implied orders are added to the outright book

• dual_book — a separate book is created for implied orders

For further details, refer to Instrument Dictionary File, book_type column.