FastOpen is a new service created by BME Inntech to satisfy the need for a special type of transaction whose purpose is to obtain the maximum priority of the orders sent to the market. This option consists of the automatic entry of the orders when the opening auction starts so that they are placed with the maximum possible priority in the securities' order book.
The processing of this type of order is carried out through a new model, specifically created by BME Inntech to reduce market access latency to the minimum.
The system triggers the orders at exactly the same moment as the “Market Open” message is received, giving maximum priority to their processing with respect to the rest of the entity's orders.
FastOpen orders can be entered from maX terminals or from connections using FIX or BME Inntech Proprietary routing protocols.
They can be entered outside of market hours, with the aim of sending them automatically and unattended in the next opening auction.
"Baskets" of FastOpen orders can be created from the Mass Orders window of the maX terminal, which facilitates the entry of a large number of orders at different prices.
The system stores the orders queued from one day to another. The user must indicate in each order entry, using the Timing field, which day they want to send it to the market.
It is possible to send orders for securities not yet registered on the market. In such cases, the ticker symbol of the security entered will not be validated and it is the user's responsibility to check that this ticker is correct.