ARCA (NYSE Arca)

General Information

The order will try to find a match in the NYSE ArcaBook. If a better price is available in the book, then it will target that price.
If no match is made, the order will post to NYSE ArcaBook. The best bid and ask posting 100 or more shares will post in the Market Depth if it does not cross or lock the market.
A market order is available by selecting Market in the drop-down menu once ARCA is chosen as the order route. The default is a limit order.
Minimum decimal increment in order price: .001.
Day order available if Auto Cancel time is set to 0.
Default cancellation time: 180 seconds.
Trading Hours 7:00 a.m. to 8:00 p.m. ET for Limit orders
Trading Hours 9:30 a.m. to 4:00 p.m. ET for Market orders
All ARCA limit orders will be canceled after the close at 8:00 p.m. ET.

ARCA Order Routing

Order Types	Description
Limit	Marketable Limit Orders - Matched with the NYSE ArcaBook or if no match, posted to the NYSE ArcaBook. The order price may be improved if a better price appears. Non-Marketable Limit Orders - The order is posted to the NYSE ArcaBook. ARCA posts the best bid and offer in their book to Market Depth (MMID=ARCA) NOTE: Your price may not cross or lock the market.
Market	These are matched with the NYSE ArcaBook if there is volume at the inside. Any residual will not be routed to the next price level until all quotes at the current best bid or offer are exhausted Criteria for routing orders: % fill history, time, and size shown. Market orders are accepted but not executable before 9:30 a.m. or after 3:59 p.m. ET.
Market Peg	Pegs the order price to the ask if buying or to the bid if selling, meaning the order price will automatically adjust as the bid or ask moves until the order executes or the stock trades beyond your limit price. Orders may be adjusted a penny up or down to avoid locking the market. EXAMPLE XYZ is currently quoted at 20 bid x 20.05 ask. A Market Peg order to buy XYZ with a limit of 20.10, will be submitted at 20.05. If the quote changes to 20.05 bid x 20.10 ask, the order price would change to 20.10. If the order is not executed, it will not update beyond the limit price and will remain posted at 20.10.
Primary Peg	Pegs the order price to the bid if buying or the ask if selling OTC securities, or the best exchange bid/ask for Listed securities. The order price will automatically adjust as the bid or ask moves until the order executes or the stock is priced beyond your limit price. EXAMPLE XYZ is currently quoting at 20 bid x 20.05 ask. A Primary Peg order to buy XYZ with a limit of 20.05, will be submitted at 20. If the quote changes to 20.05 bid x 20.10 ask, the order price would change to 20.05. If the order is not executed, it will not update beyond the limit price and will remain posted at 20.05.
Peg Diff	This field will display next to the Limit Price when a pegged order type is selected. Added to the bid or offer to produce the actual order price. Allows more flexibility in your order. EXAMPLE To peg the offer minus .02, Peg Diff must equal -0.02 (the negative sign is required).

Times In Force	Description
Day	Can be entered after 7:00 a.m. ET and expire at the end of the extended trading day (8:00 p.m. ET)
IOC	Portions of the order not filled immediately upon reaching the market are canceled.

Special Conditions	Description
Discretion	Allows you to have a displayed price and a discretionary price. You can place the order at the price you’d like to receive with a discretion amount for the maximum/minimum amount you’re willing to pay. Available for limit orders only. EXAMPLE A limit order to buy with a displayed price of 50 and a discretionary price of 50.25 is presented as: Price = 50 Discretion = 0.25
Max Floor	Specifies the reserve size for the order. Must be a round lot equal to or less than the order quantity. Reserve size has no time priority in Market Depth. Only the displayed portion of the order will have time priority. EXAMPLE You enter a bid with 5,000 as the total quantity, but 1,000 as the Max Floor value. Your order will display as 1,000 shares, but if yours is the only bid when an offer arrives for 10,000 shares at your price, your entire 5,000 shares will execute. However, if 3 other bids for 3,000 shares each were behind you at the same price, only your displayed 1,000 would execute, along with 9,000 shares from the other three bids.

Special Conditions

Description

Discretion

Allows you to have a displayed price and a discretionary price. You can place the order at the price you’d like to receive with a discretion amount for the maximum/minimum amount you’re willing to pay. Available for limit orders only.

EXAMPLE

A limit order to buy with a displayed price of 50 and a discretionary price of 50.25 is presented as:

Price = 50

Discretion = 0.25

Max Floor

Specifies the reserve size for the order. Must be a round lot equal to or less than the order quantity. Reserve size has no time priority in Market Depth. Only the displayed portion of the order will have time priority.

EXAMPLE

You enter a bid with 5,000 as the total quantity, but 1,000 as the Max Floor value. Your order will display as 1,000 shares, but if yours is the only bid when an offer arrives for 10,000 shares at your price, your entire 5,000 shares will execute.

However, if 3 other bids for 3,000 shares each were behind you at the same price, only your displayed 1,000 would execute, along with 9,000 shares from the other three bids.

The information provided on this page is subject to change at any time.