NYSE Arca Equities Order Types

Order
Type

Description

Eligible
Sessions

Eligible
Stocks

Market  Order

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

Market Order Auction; Core

All

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 protected best offer (bid) for the security.

All

All

Inside Limit OrderSM

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

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. Reserve orders look only at protected quotes.

All

All

Adding Liquidity Only (ALO) Order

The ALO order is a limit order that is posted to the NYSE Arca book in order to add liquidity. The Order assists Users in controlling their costs. Once accepted and placed in the NYSE Arca book, ALO orders will not route to away market centers. The ALO order shall be Day Only, and may not be designated as Good Till Cancel (GTC). ALO orders will be rejected when interacting with Passive Liquidity (PL) Orders. Aggressively priced ALO PNP Blind orders, that are moving (or changing price) due to an NBBO update, may result in receiving “liquidity removing.”

All

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

All

Primary Only (PO) Order

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 Primary Open

All

PO+ Order

An order type that allows users to send a directed order for immediate routing to the primary, listing exchange, without first sweeping the NYSE Arca Order Book. The order can be entered as an Immediate-or-Cancel (IOC) order, or as a Day Order that will remain open until the order is either executed or cancelled. Additionally, the new PO+ order type supports reserve orders.

All

All

Primary Sweep Order (PSO)

A market or limit order that sweeps the NYSE Arca Book and routes any remaining balance to the primary listing market. All orders with a PSO designation should be marketable. Non-marketable orders will function as regular limit orders.

Core

All

Immediate-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 cancelled. IOC orders may not trade through protected quotes.

Market-Core, Limit-All

All

Fill or Kill Order (FOK)

A limit order that is to be executed in full as soon as the order is received. If execution is not possible, the entire order will be immediately cancelled. FOK orders will not route away from NYSE Arca to other market centers.

Core

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. PNP Orders that lock or cross the market will be rejected.

All

All

Post No Preference Blind (PNP B) Order

The PNP B order is an undisplayed limit order priced at or through the Protected Best Bid and Offer (PBBO), with a tradable price set at the contra side of the PBBO. When the PBBO moves away from the price of the PNP B and the prices continue to overlap, the limit price of the PNP B will remain undisplayed and its tradable price will be adjusted to the contra side of the PBBO.  When the PBBO moves away from the price of the PNP B and the prices no longer overlap, the PNP B shall convert to a displayed PNP limit order.

All

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. Orders will only execute at the NBBO. Incoming ISO orders will not interact with tracking orders.

Core

All

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 will not trade through a protected quote.

All

All

Mid-Point Passive Liquidity (MPL) Order

The MPL order is an undisplayed limit order that is priced at the midpoint of the Protected Best Bid and Offer (PBBO). MPL orders will generally interact with all order types including contra MPLs excluding: cross or directed orders. MPL orders will be entered as a limit order but are executable only at the midpoint of the NBBO. MPLs will not execute if the market is locked/crossed.

All

All

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 to protected quotes.

All

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 protected bid or offer appears on an away market at or above your share quantity minimum, your order will be routed to protected Quotes.

All

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 as long as it does not trade through a Protected Quote. A discretionary price can be used in combination with a reserve order.

All

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 and any Protected Quotes before matching the remaining shares as a cross.

All

All

Midpoint Cross Order SM

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

Core

All

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 Protected Quotes, 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

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

All

Pegged Order

An order with a price that will track the protected 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

All

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) that are protected quotes 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

All

Primary Until 9:45

The Primary Until 9:45 Order type will allow users to route orders directly to the primary listing market for the first fifteen minutes of the trading day. If the order is not executed by 9:45 a.m. ET the order will be cancelled from the primary market and a new order will be entered in the NYSE Arca Book. Upon returning to the NYSE Arca Book, the new order will receive a new time priority. The Primary Until 9:45 Order may be Day, GTC, or GTD. Orders that return to the NYSE Arca Book after routing to the primary market will retain their original order attributes.

n/a

All

Primary After 3:55

The Primary After 3:55 Order type will allow users to submit an order to the NYSE Arca Book where it will remain until 3:55 p.m. ET. If the order remains unexecuted at 3:55 p.m. ET the order will then be cancelled from the NYSE Arca Book and routed to the primary listing market for execution. The Primary After 3:55 Order may be Day only and may not be designated as GTC or GTD.  When the order is routed to the primary market at 3:55 p.m. ET it will retain its original order attributes.

n/a

All

Market-On- Close (MOC)

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

Closing Order Auction

NYSE Arca Exclusive

Limit-On-Close Order (LOC)

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

Closing Order Auction

NYSE Arca Exclusives

Self-Trade Prevention (STP) Modifier

Self-Trade Prevention modifiers prevent NYSE Arca firms from trading with themselves. The STP modifiers allow firms to prevent two orders with the same ETP ID from executing against each other. The modifiers include: STP Cancel Newest, STP Cancel Oldest, STP Decrement and Cancel, and STP Cancel Both.

All

All

Intermarket Sweep Order(ISO) for IOC

A designation on an IOC limit order that allows the order to sweep the Book without regard to any external quotes (manual or protected).

All

All

Intermarket Sweep Order(ISO) for PNP

A designation on a PNP limit order that allows the order to sweep the Book and post any balance without regard to any external quotes (manual or protected).

All

All

Intermarket Sweep Order(ISO) for IOC Cross Orders

A designation on an IOC cross order that allows the order to sweep the Book and cross the balance without regard to any external quotes (manual or protected).

All

All

Intermarket Sweep Order(ISO) for Post Cross Orders

A designation on a post cross order that allows the order to sweep the Book, cross the balance and post the takeout amount without regard to any external quotes (manual or protected).

All

All