Indicates that an implied market should be created for either the legs of a multi-leg instrument (Implied-in) or for the multi-leg instrument based on the existence of the legs (Implied-out). Determination as to whether implied markets should be created is generally done at the level of the multi-leg instrument. Commonly used in listed derivatives.
| Code | Meaning |
|---|---|
| 0 | Not implied |
| 1 | Implied-in - The existence of a multi-leg instrument is implied by the legs of that instrument |
| 2 | Implied-out - The existence of the underlying legs are implied by the multi-leg instrument |
| 3 | Both Implied-in and Implied-out |