BRUT attempts to match the order within the BRUT book. If there is no match, BRUT routes the order via SuperSOES or SelectNet for execution.
All open shares in the order are canceled. If the order was routed to SuperSOES or SelectNet, the cancellation message is not sent until all shares of the order are accounted for.
Through-BRUT orders are sent either to SuperSOES for an auto-execution, or through SelectNet to the specified Market Maker as a non-liable order.
The Market Order looks into the BRUT Book to see if the BRUT Quote is at the inside of the market. When BRUT is at the inside, the order crosses within BRUT. The BRUT Liquidity Finder sends any remaining shares to SuperSOES or SelectNet to hit market makers at the inside of the market. If the BRUT Quote is not on the inside of the market, the order is directly routed via the BRUT Liquidity Finder to either SuperSOES or SelectNet to hit market makers at the inside of the market. When the Liquidity Finder detects that the BRUT Quote becomes the top of the market, the market order seeking liquidity will route back to BRUT for execution against the BRUT Book.
Listed orders are routed to the NYSE DOT system by way of SunGard Global.
BRUT does not accept odd lots or mixed lots.
BRUT cancels day orders at 4:00 PM.