ARCA ECN

• Marketable Limit Orders - Matched with the ARCA book or if no match, posted to the ARCA book. The order price may be improved if a better price appears.
• Non-Marketable Limit Orders - The order is posted to the ARCA book. ARCA posts the best bid and offer in their book to Level II (MMID=ARCA)
  NOTE: Your price may not cross or lock the market.

These are matched with the ARCA book 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.

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.

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.

Can be entered after 7:00 AM ET and expire at the end of the extended trading day (8:00 p.m. ET)

Portions of the order not filled immediately upon reaching the market are canceled.

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

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 Level II. 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.

Added to the bid or offer to produce the actual order price. Allows more flexibility in your order executions.  
 

EXAMPLE  To peg the bid minus .02, Peg Diff must equal -0.02 (the negative sign is required).