Self Match Prevention (SMP)

Coinbase Derivatives Exchange supports the ability for participants to enable SMP to prevent the matching of  orders with common ownership. Participants choosing to utilize SMP will send their CDE generated SMP ID with their orders using FIX tag 7928. Two orders on the opposite side of the market having the same identifier are prevented from matching by canceling one or both sides of the order.  Participants has the option to cancel the aggressor order (i.e., last order received by the Exchange’s trading system), the resting order, or both. This option is chosen by the participant in FIX tag 8000. If FIX tag 8000 is not sent, the default firm setting for SMP will take effect.