Any order submitted by a Retail Member Organization that is designated with a “Retail order” modifier. Retail orders must reflect trading interest of a natural person, with no change made to the terms of the underlying order of the natural person with respect to price (except in the case of a market order that is changed to a marketable limit order) or side of market. Additionally, they must originate from individuals and cannot originate from a trading algorithm or any other computerized methodology.
Retail Order Details
Retail orders must be submitted as D-Peg or M-Peg orders with a Time-in-Force (TIF) of Immediate or Cancel (IOC) or Fill-or-Kill (FOK) and are eligible to interact with Retail Liquidity Provider orders (RLP orders, see below) as well as other orders priced to execute at the midpoint or a more aggressive price. Any unexecuted portion of Retail orders will be canceled once all eligible available liquidity on IEX Exchange is exhausted.
Retail orders submitted by RMOs that are not designated D-Peg or M-Peg orders with a TIF of IOC or FOK are not eligible for interaction against RLP orders. For these orders, the Retail order modifier will be disregarded, and the order will be handled (and executions priced) like any other order on IEX Exchange, as described in the IEX Rule Book.