For three decades, a resting order on a trading venue could do one thing: peg to the national best bid and offer (NBBO). A buy order could sit on the bid, at the midpoint, or a set distance from either, and move up and down with the quote. Over time, refinements such as IEX’s crumbling-quote signal made pegged orders smarter about when to step back, but every peg still followed the NBBO.
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