Supported Order Types

Order Type Matching Algorithm Criteria Descriptions
Market Maker Orders Price/Time Order messages are directed to the Price/Time algorithm and are displayed as one- sided or two –sided bids and/or offers. Orders can also be entered as non-priced (bid=0, offer=0) as an indication of interest in the security. OW (offer wanted) and BW (bid wanted) orders are not supported in the ATS.
Directed Orders Price/Time A Directed order is when instructions are given; the firm determines the routing destination. Orders can be directed to other venues, member firms, and or special order types like a Smart Router that sends orders to external destinations.
Non-Directed Orders Price/Time A Non-directed order is when specific instructions are not submitted concerning the orders routing destination.
Limit Order Price/Time, Price/Size A limit order is an order to buy or sell a stock at a specific price or better. A buy limit order can only be executed at the limit price or lower and a sell limit order can only be executed at the limit price or higher. A limit order can only be filled if the stock market price reaches the limit price.
Market Order Price/Time, Price/Size An order placed with a buy or sell for a set number of shares at an undetermined price but it is executed by the order book at the best available price.
Reserve Price/Time The reserve order allows users to hide the full size of their order and thereby potentially limit its influence on prices. A reserve order is a limit order with a portion of the size displayed and with the reserve portion of the size not displayed. The reserve amount of the order replenishes the displayed order size as executions are received, up to the total order quantity. The reserve amount of the order will remain in the system and it will be used to replenish display size.
Hidden Order Price/Time Orders are hidden from the marketplace. A Hidden order shows no evidence of its existence in the market data.
Attributable, Non-Attributable Price/Time The attributable option will display an order under the MPID of the market maker firm. The non-attributable option will display an order under the ATS MPID DBOX.
MidPoint Peg Price/Time, Price/Size A pegged-to-midpoint order provides a means for traders to seek a price at the midpoint of the Best Bid and Offer (BBO). The price automatically adjusts to peg the midpoint as the markets move.
Smart Router:
  • Sweep Limit
  • Sweep Market
Price/Time

The Sweep Limit will always begin with the inside price level as the starting price. The Sweep Limit will continue until the limit price is reached or the order is no longer marketable or until the order is complete.

The Sweep Market is the same as a Sweep Limit order that will keep working at the current inside price (best bid best offer). It will exhaust the current inside price level before moving on to the next level. It will keep working until filled; the order expires, or is cancelled.

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