Use Price/Size Tiers to create a set of responses to barter orders that satisfy the conditions of a certain rule. (A marketmaker response to a barter order is referred to as an offer, although both a single-stock bid and a single-stock offer are implied.) To create the response tiers right-click "Pricing Tiers" and select "Add Tiers" from the menu. In the Add Tier pop-up screen choose an Offer Price and an Offer Size. An offer price may be expressed as a percentage of the current National Best Bid and Offer (NBBO) spread, as a fixed number of cents per share, or as a combination of the two. An offer size is expressed either in shares or dollars, either alone or in addition to the current NBBO depth. An offer size of $20,000 means that each leg of a barter order may be traded up to that amount. In the example shown in the toolkit, we've set up three offers. The first is 20% inside the NBBO spread, subject to a minimum of a penny per share, for 1,000 shares; i.e., we'll sell up to 1000 shares of the incoming order's buy-side symbol and buy up to 1000 shares of the incoming order's sell side symbol. The second offer is less aggressive, at the current NBBO prices as long as the NBBO spreads are at least two cents wide, for a size up to $50,000 on each side. The third offer is the least aggressive. You can attach any number of price/size tiers to a given rule. « exit tour « back continue »