NYSE Arca Equities

Market  Order

An order to buy or sell that is to be executed at the best price obtainable.

Market Order Auction; Core

Limit Order

An order to buy or sell at a specified price or better. A marketable limit order is a limit order to buy (sell) at or above (below) the consolidated best offer (bid) for the security.

All

Inside Limit Order^SM

Marketable Inside Limit Orders will be matched within the Book at the best obtainable price or routed to the market participants at the NBBO. Any residual volume will not be routed to the next price level until all quotes at the current best bid or offer are exhausted. Non-marketable Inside Limit Orders will be posted in the Book at the limit price.

All

Reserve Order

A limit order that replenishes the displayed order size as executions are received, up to the total order quantity; away markets are routed at their quoted size or larger (if applicable) when hitting the bid or taking the offer.

All

Good-Till-Cancel Order (GTC)

A limit Order to buy or sell at a specified price that remains active from one day to the next until the order is either executed or canceled.

Core

Primary Only Order (POO)

A market order that is to be routed as a market-on-open order to the primary market for participation in the primary market opening or re-opening process. A primary order entered after the primary market opens is processed as a normal market order.

Until 10:00 a.m. ET

Immedidate-Or-Cancel (IOC)^SM

A market or limit order that is to be executed in whole or in part on NYSE Arca as soon as the order is received. Any residual balance is canceled.

Market-Core, Limit-All

Post No Preference (PNP) Order

A limit order to buy or sell that is to be executed in whole or in part on NYSE Arca. The portion not executed is posted in the Book without routing any portion of the order to another market center.¹

All

Tracking Limit Order

A Tracking Limit Order is an undisplayed, priced round lot that is eligible for execution in the Tracking Order Process against orders equal to or less than the aggregate size of the order if interest is available at that price. Orders may be entered at any price.  However, if the price will lock or cross the market, the order will be priced at the NBBO. Orders will only execute at the NBBO.

Core

Passive Liquidity (PL) Order

An undisplayed Limit Order that resides in the NYSE Arca limit order book. All displayed orders at the same price as a PL Order will have priority over a PL Order unless the PL Order is priced more aggressively. The PL Order is available in NYSE Arca Primary Listings to Lead Market Makers (LMMs) only.

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Discretionary Order

An order with two price components — a display price and a discretionary price — that is displayed at your specified price, not your discretionary price. When a bid or offer appears at or within your discretionary price range, your order will be matched on NYSE Arca or proactively routed externally at the quoted price.

All

Discretion Limit Order^SM

An order that is displayed at your specified price, not your discretionary price, along with a share quantity minimum requirement for routing discretionary prices outside the Book. When a bid or offer appears on an away market at or above your share quantity minimum, your order will be routed to that market participant at their quoted price. NBBO price protection does not apply to these orders.

All

Passive Discretionary Order

The order is displayed at your specified price (not your discretionary price) and is not eligible to route. When a bid or offer appears in the Book at or within your discretionary price range, it will be executed against the Book even if the Book order is outside the NBBO in OTC stocks only. A discretionary price can be used in combination with a reserve order.

All

Cross Order

A Cross Order is a two-sided order with both a buy and sell component combined that trades at a stated price for a stated size specified by the user. Cross Orders must satisfy better prices displayed in the Book or in the market before matching the remaining shares as a cross.

All

Midpoint Cross Order^SM

A two-sided order with both a buy and sell component combined that trades at the midpoint of the NBBO. Orders will never be broken up and will always execute as "clean crosses." Orders cannot trade ahead of the Book.

Core

IOC Cross Order

A two-sided order with both a buy and sell component combined that trades at a price specified by the user. An IOC Cross will not interact with the Book or outside markets, and will be rejected if order interaction would occur. Orders will never be broken up and will always execute as "clean crosses." Orders cannot trade ahead of the Book.

All

Post No Preference (PNP) Cross and Post Order

A cross order to buy or sell that is to be executed in whole or in part on NYSE Arca. Any residual share balance that has been broken up and not crossed initially is immediately posted in the Book without routing any portion of the order to another market center. The posted share balance will be treated as a normal limit order.

All

Pegged Order

An order with a price that will track the national best bid or offer. Pegged orders may also make use of offsets from the same side bid (offer) or offsets from the contra side (peg buy offset from offer). The order is displayed in the Book.

Core

NOW Order^®

A limited price order that is executed in whole or in part that will be routed to one or more NOW recipients (those venues that respond immediately with a fill or a cancel) for immediate execution if the order cannot be executed on NYSE Arca. Orders are immediately canceled if not executed at the quoted price or better.

All

Market-On-Close (MOC)

A market order that is to be executed only during the closing auction.

Closing Order Auction

Limit-On-Close Order (LOC)

A limit price order that is to be executed only during the closing auction.

Closing Order Auction

Auto-Q Order

An order that enables NYSE Arca Registered Market Makers to automatically update their quotes. The Auto-Q order automatically reposts a Q Order (Market Makers quote) in the Book at a designated increment away from the original quoted price and for the original amount of displayed shares. Upon execution, the Auto-Q order continues to repost in the Book at the determined increment and size until the total designated tradable size is executed.

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