Neovest supports the ECN destinations and their individual order types contained in this Neovest Help documentation section as of 19 May 2003.
This section provides descriptions of the order types supported by the ARCA ECN. The order types that ARCA provides will appear in Neovest's Order Entry window after "ARCA" has been selected as the "Destination."
Note: In the following table, ARCA's SmartBook⢠logic is referred to repeatedly. ARCA uses SmartBook, a proprietary execution algorithm, to find the best price available either within the ARCA Book or with other preferred market participants.
|
Order Type |
Description |
| MKT (Market) Orders |
A MKT order will be matched first with the ARCA Book if
ARCA is at the inside bid or offer. If ARCA is not at the inside
bid or offer, the order will be routed to other market participants
by the use of ARCA's SmartBook logic. Any residual order volume will not be routed to the next price level until all current best bids and offers are exhausted. To Create a MKT Order: • Select ARCA as the Destination. • Select MKT as the Order Type. |
| LMT (Limit) Orders |
If marketable, a LMT order will be matched first
with the ARCA Book or will be routed to other market participants
by the use of ARCA's SmartBook logic. If possible, the Limit order
price will be improved. If a better price appears after the order
has been routed outside the ARCA Book, it cannot be rerouted unless
the market participant to which the order was routed declines the
order. If non-marketable, the LMT order will be posted to the ARCA Book. Subsequently, the best bid and offer in the ARCA Book will be displayed on NASDAQ Level II (MMID = ARCA). To Create a LMT Order: • Select ARCA as the Destination. • Select LMT as the Order Type. • Enter your Limit Price. |
| LOB (Limit or Better) Orders |
If marketable, a LOB order will be matched first
with the ARCA Book or will be routed to other market participants
at the inside bid or offer only. If possible, the Limit order
price will be improved. Any residual order volume will not be routed
to the next price level until all current best bids or offers are
exhausted. If non-marketable, a LOB order will be posted to the ARCA Book. Subsequently, the best bid and offer in the ARCA Book will be displayed on NASDAQ Level II (MMID = ARCA). To Create a LOB Order: • Select ARCA as the Destination. • Select LOB as the Order Type. • Enter your Limit Price. |
| Discretionary Limit Orders |
A Discretionary Limit order lets you (1) specify a discretionary
Limit Price, (2) specify a display price (Display Price), and (3)
determine a share quantity minimum (Discr. Qty.) that orders must
meet before they are filled. An order for the specified displayed price that appears at or above the share quantity minimum will be routed to market participants by the use of ARCA's SmartBook logic at the specified bid or offer. However, when a bid or offer appears at or within the discretionary price range (which is the range between your discretionary Limit Price and your Display Price) and appears at or above the share quantity minimum, it will then be filled against the ARCA Book, or it will be routed to a NASDAQ market participant at the quoted price using SmartBook logic. To Create a Discretionary Limit Order: • Select ARCA as the Destination. • Select LMT as the Order Type. • Enter your Limit Price. • Enter your Discretionary Quantity. • Enter your Display Price. |
| Passive Discretionary Orders |
A Passive Discretionary order lets you specify a discretionary
Limit Price and a display price (Display Price) for an order. The
discretionary Limit Price allows orders to be filled outside the
specified displayed price but only in the ARCA Book. Orders for the specified displayed price will be routed to market participants at the specified bid or offer. However, when a bid or offer appears in the ARCA Book at or within the discretionary price range (which is the range between your discretionary Limit Price and your Display Price), it will then be filled against the ARCA Book, even if the ARCA Book order is outside the national best bid or offer (NBBO). To Create a Passive Discretionary Order: • Select ARCA as the Destination. • Select LMT as the Order Type. • Enter your Limit Price. • Enter your Display Price. • You may set a Display value (the box must be checked) if you wish to keep part of your order size in reserve. |
| Proactive Discretionary Orders |
A Proactive Discretionary order lets you specify a discretionary
Limit Price and a display price (Display Price) for an order. The
discretionary Limit Price allows orders to be filled outside the
specified displayed price. Orders for the specified displayed price will be routed to market participants at the specified bid or offer. However, when a bid or offer appears at or within the discretionary price range (which is the range between your discretionary Limit Price and your Display Price), it will then be filled against the ARCA Book, or it will be routed to other market participants at the national best bid or offer (NBBO). Orders for symbols that have not been migrated to the combined platform will continue to be routed to market participants if the order is within the discretionary price range, not just the NBBO. To Create a Proactive Discretionary Order: • Select ARCA as the Destination. • Select LMT as the Order Type. • Enter your Limit Price. • Enter your Display Price. • Check the "Proactive" box. • You may set a Display value (the box must be checked) if you wish to keep part of your order size in reserve. |
| NOW Orders |
A NOW order will be matched first with the ARCA Book if
ARCA is at the inside bid or offer. If ARCA is not at the inside
bid or offer, the order will be routed for immediate execution to
a select group of market participants at their quoted prices. Any
residual order volume that is not immediately executed at the quoted
prices or better will be automatically canceled. NOW market participants include only those who have a direct connection to ARCA for receiving and automatically executing orders. NOW orders may trade through better prices since they are routed only to electronic contra parties. To Create a NOW Order: • Select ARCA as the Destination. • Select LMT, LOB, MKT, or PEG as the Order Type. • Enter your Limit Price, if necessary. • Select NOW as the Expire. |
| Reserve Orders |
A Reserve order lets you specify a display size quantity
(Display) for an order while the balance of the reserve remains
hidden. The displayed size quantity will be automatically replenished
from the reserve as portions of the order are filled. Orders for the quoted size will be routed to market participants at the bid or offer. Orders routed to ARCA greater than the displayed size will be matched against the entire reserve quantity. To Create a Reserve Order: • Select ARCA as the Destination. • Enter your order Size. • Select LMT or LOB as the Order Type. • Enter your Limit Price. • Enter your Display size (the box must be checked). |
| PostNoPref (Post No Preference) Orders |
A PostNoPref order will be posted to the ARCA Book but will
never be preferenced out. A PostNoPref order that would lock the
market will be matched with the ARCA Book or will not be accepted. To Create a PostNoPref Order: • Select ARCA as the Destination. • Select LMT, LOB, or MKT as the Order Type. • Enter your Limit Price, if necessary. • Select PostNoPref as the Instruction. |
| RsrvRandom (Reserve Random) Orders |
A RsrvRandom order lets you specify a display size (Display)
and a random reserve size (Discr. Qty.) for an order. The random
reserve is used to determine each consecutive displayed quantity.
The random displayed quantity will be automatically replenished
from the reserve as portions of the order are filled. For example, if the original displayed quantity is 2000 and the random reserve value is set at 200, then the next displayed quantity will appear within a 200 point range of 2000 (i.e., 1800, 1900, 2000, 2100, or 2200 shares) once the original order of 2000 shares is filled. If the random reserve value is set at zero, then the next displayed quantity will appear within 20 percent of the original displayed quantity. Orders for the quoted size will be routed to market participants at the bid or offer. Orders routed to ARCA greater than the displayed size will be matched against the entire reserve quantity. To Create a RsrvRandom Order: • Select ARCA as the Destination. • Enter your order Size. • Select LMT or LOB as the Order Type. • Enter your Limit Price. • Select RsrvRandom as the Instruction. • Enter your Discretionary Quantity (the box must be checked). • Enter your Display size (the box must be checked). |
| RsrvSweep (Reserve Sweep) Orders |
A RsrvSweep order lets you specify a display size quantity
(Display) for an order while the balance of the reserve remains
hidden. The displayed quantity will be automatically replenished
from the reserve as portions of the order are filled. Select market participants will be preferenced for the total reserve size by the use of ARCA's SmartBook logic when hitting the bid or taking the offer. Orders preferenced to ARCA, at sizes greater than the displayed size, will be matched against the entire reserve quantity. To Create a RsrvSweep Order: • Select ARCA as the Destination. • Enter your order Size. • Select LMT or LOB as the Order Type. • Enter your Limit Price. • Select RsrvSweep as the Instruction. • Enter your Display size (the box must be checked). |
| Market Pegged Orders |
A Market Pegged order will be pegged to the opposite side
(buy to offer, sell to bid) of the market. To avoid a locked or
crossed market, your order will be displayed the smallest increment
away from the opposite side of the national best bid or offer (NBBO).
Your order price will float with the market to your Limit Price and has the discretion to trade at any level between your shown Limit Price and the opposite side of the NBBO. If no Limit Price has been specified, you will continue to be filled until the order is fully executed or the order is canceled. To Create a Market Pegged Order: • Select ARCA as the Destination. • Select PEG as the Order Type. • Enter your Limit Price. • Select Market as the Pegging. • You may specify a Peg Offset so that your order will float at a defined increment away from the opposite side of the NBBO. |
This section provides descriptions of the order types supported by the BRUT ECN.
The order types that BRUT provides will appear in Neovest's Order Entry window after "BRUT" has been selected as the "Destination."
|
Order Type |
Description |
| MKT (Market)
Orders |
A MKT order (OTC only) will be matched first with the BRUT
Book if BRUT is at the inside bid or offer. If BRUT is not at the
inside bid or offer, the order will be routed via BRUT's Liquidity
Finder to another destination that is at the inside of the market.
BRUT MKT orders are not displayed in the BRUT Book. To Create a MKT Order: • Select BRUT as the Destination. • Select MKT as the Order Type. |
| BRUT-Only Orders |
A BRUT-Only order (OTC only) will be displayed in the BRUT
Book and will not leave the BRUT Book. If the order crosses the
market after executing against all matching orders within the BRUT
Book, the order will be adjusted to 0.01 within the national best
bid or offer (NBBO) and will be posted in the BRUT Book. To Create a BRUT-Only Order: • Select BRUT as the Destination. • Select LMT, MKT, MOC, or PEG as the Order Type. • Enter your Limit Price, if necessary. • Select BRUT-Only as the Instruction. |
| BRUT-Out Orders |
A BRUT-Out order (OTC only) will first hit all qualified
orders in the BRUT Book. If shares remain to be executed after scanning
the BRUT Book and the order is not marketable, the order will be
displayed in the BRUT Book. When the order has open shares and is marketable, the order will be routed to other destinations to hit all bids or offers at the same price level. If the market shifts away from the order price, the unfilled shares will be added to the BRUT Book. To Create a BRUT-Out Order: • Select BRUT as the Destination. • Select LMT, MKT, or MOC as the Order Type. • Enter your Limit Price, if necessary. • Select BRUT-Out as the Instruction. |
| Cross Orders |
A Cross order (OTC only) will give preference to a designated
market maker or another ECN, as in the Through BRUT order, except
that the order will first be checked against the BRUT Book for liquidity.
Shares that remain after being filled by the BRUT Book will then
be routed to the specified destination. To Create a Cross Order: • Select BRUT as the Destination. • Select LMT or MKT as the Order Type. • Enter your Limit Price, if necessary. • Select Cross as the Instruction. |
| Hunter Orders |
A Hunter order is only available for NASDAQ listed securities
during regular market hours (no pre- or after-market trades). Hunter
orders will be filled with the BRUT Book, as well as SuperSOES and
ECNs, where a matching order is found. Hunter orders will never
appear in the BRUT Book or at the BRUT inside quote. To Create a Hunter Order: • Select BRUT as the Destination. • Select LMT or MKT as the Order Type. • Enter your Limit Price, if necessary. • Select Hunter as the Instruction. |
| Through Orders |
A Through order will always be routed to the specified destination
without crossing the BRUT Book first. A Through order that has been
directed to BRUT has crossed but was never posted in the BRUT Book.
A Through order may be sent to the following external exchanges for the following securities: OTC: SuperSOES, INCA, ISLD, ARCA, and selected market makers (via SNET) To Create a Through Order: • Select BRUT as the Destination. • Select LMT or MKT as the Order Type. • Enter your Limit Price, if necessary. • Select Through as the Instruction. |
| Market Pegged Orders |
A Market Pegged order (OTC only) will be pegged to the opposite
side (buy to offer, sell to bid) of the market. To avoid a locked
or crossed market, your order will be displayed the smallest increment
away from the opposite side of the national best bid or offer (NBBO).
Your order price will float with the market to your Limit Price and will have the discretion to trade at any level between your shown Limit Price and the opposite side of the NBBO. If no Limit Price has been specified, you will continue to be filled until the order is fully executed or the order is canceled. To Create a Market Pegged Order: • Select BRUT as the Destination. • Select PEG as the Order Type. • Enter your Limit Price. • Select Market as the Pegging. • You may specify a Peg Offset so that your order will float at a defined increment away from the opposite side of the NBBO. |
| Primary Pegged Orders |
A Primary Pegged order (OTC only) will be pegged to the
same side (buy to bid, sell to offer) of the market. The order price
will float to the Limit Price. If no Limit Price has been specified,
the order will continue to be filled until it is either fully executed
or canceled. To Create a Primary Pegged Order: • Select BRUT as the Destination. • Select PEG as the Order Type. • Enter your Limit Price. • Select Primary as the Pegging. • You may specify a Peg Offset so that your order will float at a defined increment away from the NBBO. |
This section provides descriptions of the order types supported by the INCA ECN.
The order types that INCA provides will appear in Neovest's Order Entry window after "INCA" has been selected as the "Destination."
| Order Type | Description |
| AMEX Orders |
If an AMEX order is marketable, it will be sent directly to the AMEX only. To Create an AMEX Order: • Select INCA as the Destination. • Select LMT or MKT as the Order Type. • Enter your Limit Price, if necessary. • Select AMEX as the Instruction. |
| AMI Orders |
An AMI order allows you to utilize INCA's Smart Routing
functionality to interact automatically with liquidity outside Instinet.
As with any other INCA order, your NASDAQ National Market Securities (NNMS) order will first sweep the Instinet Book to find a match. If Instinet does not find a match, or if there are residual shares, Instinet will automatically route the order or residual shares outside Instinet. Marketable orders or order balances will alternate between the Instinet Book and external markets until they are filled, canceled, or until they expire. INCA's Smart Routing works well with aggressively priced discretionary orders using the WinPeg functionality because it keeps spraying out orders to other liquidity pools without displaying them on the book. Returned portions of orders will be displayed at the display price. To Create an AMI Order: • Select INCA as the Destination. • Select LMT, MKT, or PEG as the Order Type. • Enter your Limit Price, if necessary. • Select AMI as the Instruction. • Select Midpoint, Primary, or WinPeg as the Pegging, if necessary. • You may specify a Peg Offset so that your order will float at a defined increment away from the NBBO. • Enter your Display Price, if necessary. |
| Cross Orders |
A Cross order provides you with the opportunity to participate
in an overnight match at the market's closing prices for that day.
Listed issues trade at the last traded price on the exchange; OTC issues trade at the midpoint between the day's closing bid and ask spread for the following day's trade date booking. Residuals and unexecuted orders are returned to customers after the cross is executed. The timing of Instinet's end-of-day cross has been selected specifically to maximize customer participation and concentrate liquidity. To Create a Cross Order: • Select INCA as the Destination. • Select LMT or MKT as the Order Type. • Enter your Limit Price, if necessary. • Select Cross as the Instruction. |
| Direct+ Orders |
If a Direct+ order is marketable, it will be sent directly
to the NYSE only. To Create a Direct+ Order: • Select INCA as the Destination. • Select LMT or MKT as the Order Type. • Enter your Limit Price, if necessary. • Select Direct+ as the Instruction. |
| DOT Orders |
If a DOT order is marketable, it will be sent through the
INCA DOT line to AMEX or NYSE only. To Create a DOT Order: • Select INCA as the Destination. • Select LMT or MKT as the Order Type. • Enter your Limit Price, if necessary. • Select DOT as the Instruction. |
| ECN-Only Orders |
If an ECN-Only order is marketable, it will be executed
with Instinet, Island, or NASDAQ only. If the order is not marketable,
it will appear in the INCA Book. Subsequently, the best bid and
offer in the INCA Book will be displayed on NASDAQ Level II (MMID
= INCA). To Create an ECN-Only Order: • Select INCA as the Destination. • Select LMT, MKT, or PEG as the Order Type. • Enter your Limit Price, if necessary. • Select ECN-Only as the Instruction. |
| Best Peg Orders |
A Best Peg order will be displayed at the same side (buy
to bid, sell to offer) of the market at the time the order is entered.
If you specify a Peg Offset, your discretionary Limit Price will float the increment you specify away from the same side of the national best bid or offer (NBBO). Your discretionary Limit Price will only float your Peg Offset difference away from your ultimate Limit Price. If no Limit Price has been specified, you will continue to be filled until the order is fully executed or the order is canceled. For European, Asian, US OTC Bulletin Board and other non-Reg ATS* US OTC Equities, Best Peg orders will be displayed at the same side of the primary market and will float with the market to your Limit Price. US Listed securities will be pegged to the inside quote, which is not necessarily the primary market. *A Reg ATS security is regulated by the rule that if you have purchased more than five percent of the security's outstanding shares within the past four to six months, you must show your purchase to the entire street. To Create a Best Peg Order: • Select INCA as the Destination. • Select PEG as the Order Type. • Enter your Limit Price. • Select Best as the Pegging. • You may specify a Peg Offset so that your order will float at a defined increment away from the NBBO. |
| Market Pegged Orders |
A Market Pegged order will be pegged to the opposite side
(buy to offer, sell to bid) of the market. To avoid a locked or
crossed market, your order will be displayed the smallest increment
away from the opposite side of the national best bid or offer (NBBO).
Your order price will float with the market to your Limit Price and will have the discretion to trade at any level between your shown Limit Price and the opposite side of the NBBO. If no Limit Price has been specified, then there will be no default limit, and your order will float with the market forever and will never pay through the current contra side of the NBBO. For European, Asian, US OTC Bulletin Board and other non-Reg ATS* US OTC Equities, Market Pegged orders will be displayed at the opposite side of the primary market and will float with the market to your Limit Price. US Listed securities will float with the opposite side of the inside quote. *A Reg ATS security is regulated by the rule that if you have purchased more than five percent of the security's outstanding shares within the past four to six months, you must show your purchase to the entire street. To Create a Market Pegged Order: • Select INCA as the Destination. • Select PEG as the Order Type. • Enter your Limit Price. • Select Market as the Pegging. • You may specify a Peg Offset so that your order will float at a defined increment away from the opposite side of the NBBO. |
| Midpoint Pegged Orders |
A Midpoint Pegged order will be pegged to the midpoint between
the best bid and the best offer. Your order price will float to
your Limit Price. Your order will be pegged to the non-INCA NBBO,
so if INCA has the best bid or offer, it will be ignored, and your
order will be pegged to the second best bid or offer. These orders only trade at the displayed price, and the order price does not float. If the midpoint is higher than your Limit Price, you will be pegged at your Limit Price. If no Limit Price has been specified, you will continue to be filled until the order is either fully executed or canceled. For European, Asian, US Listed, US OTC Bulletin Board and other non-Reg ATS* US OTC Equities, a Midpoint Pegged order will be displayed at the middle of the primary market and will float with the market to your Limit Price. *A Reg ATS security is regulated by the rule that if you have purchased more than five percent of the security's outstanding shares within the past four to six months, you must show your purchase to the entire street. To Create a Midpoint Pegged Order: • Select INCA as the Destination. • Select PEG as the Order Type. • Enter your Limit Price. • Select Midpoint as the Pegging. • You may specify a Peg Offset so that your order will be pegged at a defined increment away from the midpoint between the best bid and offer. |
| Primary Pegged Orders |
A Primary Pegged order will be pegged to the same side (buy
to bid, sell to offer) of the market. Your order price will float
to your Limit Price. If no Limit Price has been specified, you will
continue to be filled until the order is fully executed, or the
order is canceled. Your order will be pegged to the non-INCA national best bid or offer (NBBO), so if INCA has the best bid or offer, it will be ignored, and your order will be pegged to the second best bid or offer. If no Limit Price has been specified, you will continue to be filled until the order is fully executed or the order is canceled. For European, Asian, US Listed, US OTC Bulletin Board and other non-Reg ATS* US OTC Equities, a Primary Pegged order will be displayed at the same side of the primary market and will float with the market to your Limit Price. *A Reg ATS security is regulated by the rule that if you have purchased more than five percent of the security's outstanding shares within the past four to six months, you must show your purchase to the entire street. To Create a Primary Pegged Order: • Select INCA as the Destination. • Select PEG as the Order Type. • Enter your Limit Price. • Select Primary as the Pegging. • You may specify a Peg Offset so that your order will float at a defined increment away from the NBBO. |
| WinPeg Orders |
A WinPeg order allows you to specify a Display Price (Display Price), which is fixed and does not float, and a Limit Price. The
order will trade with any matching order between your Display Price
and your discretionary Limit Price. If your Display Price is greater than your Limit Price for a buy order, then your order will appear at your Limit Price. If your Display Price is less than your Limit Price for a sell or short order, then your order will appear at your Limit Price. For European, Asian, US Listed, US OTC Bulletin Board and other non-Reg ATS* US OTC Equities, a WinPeg order allows you to display your order at a fixed Display Price with a fixed discretionary Limit Price. You will only pay through the market up to your discretionary Limit Price if you can match more shares than those displayed at the contra side of the inside quote. If you have fewer shares remaining than those displayed in the market, you will trade at any price up to your discretionary Limit Price. *A Reg ATS security is regulated by the rule that if you have purchased more than five percent of the security's outstanding shares within the past four to six months, you must show your purchase to the entire street. To Create a WinPeg Order: • Select INCA as the Destination. • Select PEG as the Order Type. • Enter your Limit Price. • Select WinPeg as the Pegging. • Enter your Display Price. |
This section provides descriptions of the order types supported by the ISLD ECN.
The order types that ISLD provides will appear in Neovest's Order Entry window after "ISLD" has been selected as the "Destination."
|
Order Type |
Description |
| Latent Orders |
If a Latent order is marketable at a given price and there
is not currently a quote at that price, a "stub" quote with a nominal
number of shares will be displayed in the marketplace to represent
all the Latent orders at that price. For example, if at a given price there is one displayed order for 200 shares and two Latent orders for 500 shares each, then the 200-share order would be shown in the marketplace and the two Latent orders would be invisible. If the displayed order for 200 shares was subsequently canceled or executed, then a 100-share "stub" would be shown in the market place to represent the two Latent orders of 500 each. Latent interest is always shown in the marketplace by a nominal number of shares, regardless of the combined number of shares of the various Latent orders being represented. In other words, there will always only be at the most one "stub" quote displayed at a certain price, and it will always only be for the minimum number of shares required to be able to quote. Latent orders will be treated like NonDisplay orders for priority purposes; hence, Latent orders will not appear in the ISLD Book, nor will they appear in Island's full Depth of Book. If it is not possible to show a "stub" at a given price because if there are not enough shares in all of the displayed and Latent orders at that price, then the Latent orders at that price will be canceled. For example, if there are no displayed orders at a given price but there are three Latent orders for 40 shares each (for a total of 120 shares) at that price-then a "stub" quote of 100 shares will be shown in the marketplace to represent the three Latent orders. However, if one of the Latent orders is canceled or executed, then the remaining two Latent orders will be canceled since the remaining 80 shares would not be sufficient to show in the marketplace. To Create a Latent Order: • Select ISLD as the Destination. • Select LMT as the Order Type. • Enter your Limit Price. • Select Latent as the Instruction. |
| NonDisplay Orders |
If a NonDisplay order is marketable, it will be executed
with either ISLD or NASDAQ. If the order is not marketable, it will
stay in the ISLD Book but will not appear in the ISLD Book, nor
will it appear in Island's full Depth of Book. To Create a NonDisplay Order: • Select ISLD as the Destination. • Select LMT as the Order Type. • Enter your Limit Price. • Select NonDisplay as the Instruction. |
| Normal Orders |
If a Normal order is marketable, it will be executed with
either ISLD or NASDAQ. If the order is not marketable, it will appear
in the ISLD Book. Subsequently, the best bid and offer in the ISLD
Book will be displayed on NASDAQ Level II (MMID = ISLD). To Create a Normal Order: • Select ISLD as the Destination. • Select LMT or PEG as the Order Type. • Enter your Limit Price, if necessary. • Select Normal as the Instruction. |
| Subscriber Orders |
If a Subscriber order is marketable, it will be executed
with either ISLD or NASDAQ. If the order is not marketable, it will
appear in the ISLD Book but only to other Island subscribers.
A Subscriber order will also appear in Island's full Depth of Book,
but only to other Island subscribers. The Subscriber order is rarely used due to the Reg ATS regulation. This regulation applies to all Reg ATS securities and states that if you have purchased more than five percent of a Reg ATS security's outstanding shares within the past four to six months, you must show your purchase to the entire street. Therefore, Subscriber orders will only be allowed for symbols upon which little volume is traded. To Create a Subscriber Order: • Select ISLD as the Destination. • Select LMT as the Order Type. • Enter your Limit Price. • Select Subscriber as the Instruction. |
| Market Pegged Orders |
A Market Pegged order will be pegged to the opposite side
(buy to offer, sell to bid) of the market. To avoid a locked or
crossed market, your order will be displayed the smallest increment
away from the opposite side of the national best bid or offer (NBBO).
Your order price will float with the market to your Limit Price and will have the discretion to trade at any level between your shown Limit Price and the opposite side of the NBBO. If no Limit Price has been specified, you will continue to be filled until the order is fully executed or the order is canceled. To Create a Market Pegged Order: • Select ISLD as the Destination. • Select PEG as the Order Type. • Enter your Limit Price. • Select Market as the Pegging. • You may specify a Peg Offset so that your order will float at a defined increment away from the opposite side of the NBBO. |
| Primary Pegged Orders |
A Primary Pegged order will be pegged to the same side (buy
to bid, sell to offer) of the market. Your order price will float
to your Limit Price. If no Limit Price has been specified, you will
continue to be filled until the order is fully executed or the order
is canceled. To Create a Primary Pegged Order: • Select ISLD as the Destination. • Select PEG as the Order Type. • Enter your Limit Price. • Select Primary as the Pegging. • You may specify a Peg Offset so that your order will float at a defined increment away from the NBBO. |