ARCA (NYSE Arca)

General Information

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

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.