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Order Types

The Signal Series

These order types use the Signal and are designed to offer enhanced price protection. Their behavior is designed to function differently when the Signal is on compared to when the Signal is off.

Discretionary Limit™

(D-Limit™)

Order Types Diagram

Rests at the limit price. If the Signal fires, it reprices to one tick outside the unstable price.

  • Lit or dark
  • Designed to improve displayed trading for all market participants

Discretionary Peg™

(D-Peg®)

Order Types Diagram

Rests outside the NBBO and is willing to step to the midpoint–except when the Signal is on.

  • Dark
  • More aggressive than P-Peg

Primary Peg™

(P-Peg®)

Order Types Diagram

Rests outside the NBBO and is willing to step up to the NBB or NBO to trade–except when the Signal is on.

  • Dark
  • More conservative than D-Peg

Corporate Discretionary Peg™

(C-Peg™)

Order Types Diagram

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.

  • Dark
Order Types

The Retail Series

These order types are designed to bring high-quality trading at the midpoint or better to retail as part of our Retail Program.

Retail Order

This is a D-Peg or Midpoint Peg order that is priced to trade at the midpoint on entry. Must represent the trading interest of a retail investor.

  • Can trade against any order, including RLP orders

Retail Liquidity Provider (RLP)

This is a variation of M-Peg that passively rests on the IEX Exchange book for incoming retail orders.

  • Dark
  • Only executes at the midpoint
  • Only trades against Retail orders
Order Types

The Standard Series

These are our traditional order types.

Drive performance

Midpoint Peg™

(M-Peg™)

Midpoint Peg (M-Peg) is a non-displayed order type that is pegged to the midpoint of the NBBO, subject to the order’s limit price, if any.

When D-Peg orders exercise price discretion to the midpoint of the NBBO, M-Peg orders have priority over D-Peg orders.

Breaking Down M-Peg and D-Peg

Performance Differences Between D-Peg and M-Peg

Order Type

Offset Peg™

(O-Peg™)

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

Order Type

Market Peg

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.

Market Peg Overview

Order Type

Market Order Type

An order to buy or sell a stated amount of a security that is to be executed at or better than the NBBO at the time the order reaches IEX Exchange.

IEX Exchange accepts market orders designated as routable.

Any portion of a routable market order that cannot be executed on IEX Exchange at or better than the best priced Protected Quotation will be eligible for routing to away trading centers.

Order Type

Limit Order Type

An order to buy or sell a stated amount of a security at a specified price or better.

IEX Exchange accepts displayed, non-displayed, or reserve limit orders. Additionally, limit orders may be designated as routable or as an ISO.

Order Types

Order Types by Strategy

IEX Exchange offers order types that fit into a range of trading strategies.

Strategy

Midpoint

Midpoint trading primarily consists of non-displayed pegged orders, designed to trade at the midpoint of the NBBO.

Discretionary Peg™

Midpoint Peg™

Corporate Discretionary Peg™

Retail Order

Retail Liquidity Provider

Strategy

Lit

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.

Discretionary Limit™ (displayed)

Limit Order Type (displayed)

Strategy

Passive

Passive trading strategies also aim to achieve “spread capture” by trading at the NBBO, but are non-displayed.

Primary Peg™

Limit Order Type

Discretionary Limit™

Strategy

Inside the Spread

Trading inside the spread is primarily done in wider-spread securities and is comprised of posting orders within the spread but not at the midpoint.  

Offset Peg

Discretionary Limit™ (non-displayed)

Limit Order Type (non-displayed)

Market Peg

Strategy

Aggressive

Aggressive trading strategies aim to cross the spread and are used to capture liquidity in cases of high urgency or low price sensitivity.    

Market Order Type

Limit Order Type

Market Peg

Router

Order Type Summary

Signal Series
Display Eligible
Reserve Eligible
Min. Quantity Eligible
Limit Price Required
Book Recheck Eligible
Discretionary Peg (D-Peg)
Unchecked Mark
Unchecked Mark
Checkmark
Optional
Checkmark
Primary Peg (P-Peg)
Unchecked Mark
Unchecked Mark
Checkmark
Optional
Checkmark
Corporate Discretionary Peg (C-Peg)
Unchecked Mark
Unchecked Mark
Checkmark
Optional
Checkmark
Discretionary Limit (D-Limit)
Checkmark
Checkmark
Unchecked Mark
Checkmark
Displayed orders: No
Non-displayed orders: Yes
Standard Series
Display Eligible
Reserve Eligible
Min. Quantity Eligible
Limit Price Required
Book Recheck Eligible
Market
Unchecked Mark
Unchecked Mark
Checkmark
No, not accepted
Checkmark
Limit
Checkmark
Checkmark
Checkmark
Checkmark
Displayed orders: No
Non-displayed orders: Yes
Midpoint Peg (M-Peg)
Unchecked Mark
Unchecked Mark
Checkmark
Optional
Checkmark
Offset Peg (O-Peg)
Unchecked Mark
Unchecked Mark
Checkmark
Optional
Checkmark
Market Peg
Unchecked Mark
Unchecked Mark
Checkmark
Optional
Checkmark
Retail Series
Display Eligible
Reserve Eligible
Min. Quantity Eligible
Limit Price Required
Book Recheck Eligible
Retail¹
Unchecked Mark
Unchecked Mark
Checkmark
Optional
Unchecked Mark
Retail Liquidity Provider
Unchecked Mark
Unchecked Mark
Unchecked Mark
Optional
Unchecked Mark
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Market Data & Connectivity

IEX Exchange provides the ability for our broker-dealer Members to connect and send orders to the exchange directly.

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The IEX Router

The IEX Router offers the ability for users to interact with liquidity on both the IEX Exchange Order Book and away venues.

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