Rests outside the NBBO, at the last sale, or at the order’s limit price–whichever is least aggressive. From there, it’s willing to step up to the less aggressive of the midpoint or the last sale to trade, except when the Signal is on.
Offset Peg (O-Peg) is a non-displayed order type that is pegged to the NBB (NBO) for buys (sells) plus a positive or negative offset amount. O-Peg is designed to bring the benefits of the Speed Bump to trading inside the spread (non-midpoint), helping traders manage adverse selection risk, particularly in stocks with wider spreads. O-Peg Overview
A non-displayed order type that is pegged to the contra-side primary quote (NBO for buys and NBB for sells), with an optional, user-specified passive offset amount.
It is designed to make it easier to access the far side of the NBBO and bring the benefits of the IEX Speed Bump to this functionality.
Displayed or “lit” trading, in which orders are fully or partially displayed, advertising trading interest and contributing to the formation of the NBBO. These orders aim to capture the spread by buying on the bid or selling on the offer.
Auction-eligible order types are also available for test symbols. The Market Maker Peg order type is also available to registered market makers. ¹Summary applies to eligible Retail orders (D-Peg or Midpoint Peg with Time-in-Force = Immediate or Cancel or Fill-or-Kill).
Market Data & Connectivity
IEX Exchange provides the ability for our broker-dealer Members to connect and send orders to the exchange directly.
At IEX Exchange, we believe that exchange fees should be charged fairly and transparently.
At IEX Exchange, we believe that exchange fees should be charged fairly and transparently. Transaction fees in particular have the potential to create conflicts of interest for order routing. We have designed our transaction fees to incentivize behaviors that underpin a healthy market structure and dynamic and avoid creating unnecessary complexity.