Pegged Order
A pegged order is a type of limit order whose price automatically re-prices based on a reference price (such as the inside market or the National Best Bid and Offer (NBBO) midpoint) with a fixed offset.
Example: A trader places a pegged limit order to the inside with an offset of +0.01 to the best bid; as the best bid rises to 100.50, the order price updates to 100.51 and may execute if a seller agrees at that price.
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