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 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 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.
Attributable Price/Time The attributable will display an order under the MPID of the market maker firm.
Primary Peg Price/Time The primary peg order follows the best bid, when buying a security, and the best offer when selling a security.