How does the 20% risk check work on Blue Ocean ATS?
The 20% risk check applies a fixed band around each symbol’s 7:30 PM ET reference price, allowing only orders within 20% of that value for the entire Blue Ocean Session.
Each symbol’s reference price is set using the SIP print closest to 7:30 PM ET (NASDAQ, NYSE Arca).
-
A 20% band around that price remains in effect for the full Blue Ocean Session.
-
Limit orders priced beyond the band are rejected.
-
Passive limit orders are accepted.