Monday, September 17, 2012

Equity Technical Update #2012 - 28
Primary Pegs with Offsets Converted to Non-Display on NASDAQ, BX and PSX

Markets Impacted:

Contact Information:

What you need to know:

  • Primary Pegs with Offsets are required to be non-display on NASDAQ, effective Monday, September 17, 2012.
  • UPDATE: Primary Pegs with Offsets will be required to be non-display on BX and PSX, effective Monday, October 15, 2012.

What are Primary Peg Orders?

Primary Peg Orders are orders that, once entered, adjust in price automatically, in response to changes in the inside bids or offers on NASDAQ or other exchanges, depending upon the type of Pegged Order. A Primary Peg Order specifies that its price will equal the inside quote on the same side of the market; a Market Peg Order will equal the inside quote on the opposite side of the market.

What is changing in regard to Primary Peg Orders?

Primary Pegs with Offsets are currently required to be non-display on The NASDAQ Stock Market® (NASDAQ®). UPDATE: Primary Pegs with Offsets will be required to be non-display on NASDAQ OMX BXSM (BXSSM) and NASDAQ OMX PSXSM (PSXSM), effective Monday, October 15, 2012. This functionality change will reduce the frequency of quote updates away from the NBBO.

Where can I find additional information?


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