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Pegged to Midpoint

Pegged to Midpoint orders seek to execute at the midpoint of the National Best Bid and Offer (NBBO). The order price adjusts automatically to peg the midpoint if the market moves. If the market moves in the opposite direction, the order will execute.

The limit price acts as a price cap to prevent your order from being executed above or below a specified level.

To create a pegged to midpoint order

1. Click in the Ask Price field to initiate a BUY order, or the Bid Price field to initiate a SELL order.
2. In the Dest. field ensure that the destination is Island.
3. Click in the Type field and select PEG MID as the order type.

This order type is only available for US Equity orders direct-routed to Island.

For a more detailed description of pegged to midpoint orders, visit the Order Types information page.  

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