The Signal Series
These order types use the Signal and are designed to offer enhanced price protection. Their behavior is designed to function differently when the Signal is on compared to when the Signal is off.
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The Retail Series
These order types are designed to bring high-quality trading at the midpoint or better to retail as part of our Retail Program.
Retail Order
This is a D-Peg or Midpoint Peg order that is priced to trade at the midpoint on entry. Must represent the trading interest of a retail investor.
- Can trade against any order, including RLP orders
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Retail Liquidity Provider (RLP)
This is a variation of M-Peg that passively rests on the IEX Exchange book for incoming retail orders.
- Dark by default, but IEX publishes a Retail Liquidity Indicator if there is RLP interest at the midpoint for at least one round lot. For complete details please see IEX’s Retail Program page
- Only executes at the midpoint
- Only trades against Retail orders
The Standard Series
These are our traditional order types.
Midpoint Peg™
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Midpoint Peg (M-Peg) is a non-displayed order type that is pegged to the midpoint of the NBBO, subject to the order’s limit price, if any.
When D-Peg orders exercise price discretion to the midpoint of the NBBO, M-Peg orders have priority over D-Peg orders.
Offset Peg™
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Offset Peg (O-Peg) is a non-displayed order type that is pegged to the NBB (NBO) for buys (sells) plus a positive or negative offset amount. O-Peg is designed to bring the benefits of the Speed Bump to trading inside the spread (non-midpoint), helping traders manage adverse selection risk, particularly in stocks with wider spreads.
‍O-Peg Overview
Market Peg
A non-displayed order type that is pegged to the contra-side primary quote (NBO for buys and NBB for sells), with an optional, user-specified passive offset amount.
It is designed to make it easier to access the far side of the NBBO and bring the benefits of the IEX Speed Bump to this functionality.
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Market Order Type
An order to buy or sell a stated amount of a security that is to be executed at or better than the NBBO at the time the order reaches IEX Exchange.
IEX Exchange accepts market orders designated as routable.
Any portion of a routable market order that cannot be executed on IEX Exchange at or better than the best priced Protected Quotation will be eligible for routing to away trading centers.
Limit Order Type
An order to buy or sell a stated amount of a security at a specified price or better.
IEX Exchange accepts displayed, non-displayed, or reserve limit orders. Additionally, limit orders may be designated as routable or as an ISO.
Order Types by Strategy
IEX Exchange offers order types that fit into a range of trading strategies.
Order Type Summary
Non-displayed orders: Always
Non-displayed orders: Yes
Non-displayed orders: Always
Non-displayed orders: Yes
Market Data &Â Connectivity
IEX Exchange provides the ability for our broker-dealer Members to connect and send orders to the exchange directly.
The IEX Router
The IEX Router offers the ability for users to interact with liquidity on both the IEX Exchange Order Book and away venues.