Search:
   

Friday, June 19, 2015

Equity Trader Alert #2015 - 91
PSX to Offer Midpoint Peg Post-Only Order

Category:

  • New Functionality

Markets Impacted:

Contact Information:

Resources:

PSX will offer a Midpoint Peg Post-Only order type effective Wednesday, July 1, 2015.

A Midpoint Peg Post-Only order is a non-displayed order that is priced at the mid-point between the National Best Bid and Offer (NBBO) and is intended to add liquidity. The Midpoint Peg Post-Only order does not remove liquidity from the System upon entry if it would lock an order on the book. Rather, the Midpoint Peg Post-Only order will post and lock the pre-existing order.

However, if the Midpoint Peg Post-Only order crosses an order on the book such that the Midpoint Peg Post-Only order would receive price improvement, the order will execute. For prices above one dollar, any cross by $0.0050 or more will execute.

A Midpoint Peg Post-Only order that would be assigned a price of $1 or less per share will be rejected.

The Midpoint Peg-Post Only order type will be supported on the OUCH, FIX Lite (Flite), INET FIX and RASH protocols for PSX. Please check the PSX Technical Specifications for updates.

As noted in Equity Trader Alert #2015 – 103, effective July 1, 2015, a rebate of $0.0020 per executed share will be provided for orders with midpoint pegging (including Midpoint Peg Post-Only).

Testing Opportunities

  • NTF - Testing is available in the PSX NTF.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Please follow Nasdaq on Facebook RSS and Twitter.

Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: business.nasdaq.com.

View NASDAQTrader.com Mobile