What is the primary reference market for SLS orders?

• A. Settlement date.
• B. Identification of the trading venue (reference exchange).
• C. The last traded price.
• D. Order type.

Answer: (B)

For SLS orders, the key idea is which market is used as the anchor for execution and price formation. The primary reference market is identifying the trading venue (the reference exchange). This matters because the order is tied to the specific venue’s rules, available liquidity, and price references used during matching and post-trade processing. The settlement date relates to when the trade’s funds and securities change hands, not where the order is referenced for execution. The last traded price is simply a price point from recent activity, not the market the order is anchored to. The order type describes how the order behaves, not the market it references.