Direct Edge® will introduce the Route Peg Order on both the EDGA Exchange (EDGA®) and EDGX Exchange (EDGX®), effective Wednesday, August 22, 2012.
Route Peg Orders are non-displayed limit orders that post to the exchange books and are eligible for execution against routable orders. Route Peg Orders will only interact with contra side orders that have an original quantity equal to or less than the original Route Peg Order quantity and will execute at the National Best Bid (NBB) for buy orders and the National Best Offer (NBO) for sell orders.
How to Enter a Route Peg Order
|
Order Entry Protocol |
Field Instructions |
|
FIX |
Tag 9202 = U |
|
Edge XPRS |
Special Order Type field = U |
New Flag to Support Route Peg Transactions
The following flags will be introduced on Wednesday, August 22, 2012 to support Route Peg orders, pending filing with the SEC.
|
Exchange |
Flag |
Description |
Rate |
|
EDGA |
RP |
Non-Displayed Orders, adds liquidity (using Route Peg Order) |
$0.0005 fee |
|
EDGX |
RP |
Non-Displayed Orders, adds liquidity (using Route Peg Order) |
$0.0014 rebate |
More Information
- Download the Route Peg Order Fact Sheet, which includes sample execution scenarios.
