A peg (a pegged order) that has a floating execution price that is pegged to the movements of a midpoint reference price (e.g., the NBBO). If the NBBO mid-point is beyond the range of the limit price, the mid-point order will remain unexecuted, while parked or queued retaining priority. When the NBBO mid-point returns back to the range of the order’s limit price, the order becomes up for execution.
Attempts to finish the trade will continue, with the order re-entering the order book, if attempts are unsuccessful, and maintaining its time priority.
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