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Pegged-to-Midpoint Orders

A pegged-to-midpoint order provides a means for traders to seek a price improvement at the midpoint of the National Best Bid and Offer (NBBO). The price automatically adjusts to peg the midpoint as the market moves in any direction.

For U.S. stock orders you must select direct routing to submit a pegged-to-midpoint order.

Most venues (including but not limited to NASDAQ/ISLAND) do not accept an offset from the midpoint.

For orders with no offset, you must specify the value "0" or "0.0" in TWS. Note that some exchanges may allow an offset amount in the future.

You can also define a price cap using the Limit Price field, to prevent your order from being executed above or below a specified price level.

Products Availability Routing TWS
Stocks US Products Smart Attribute
Non-US Products Directed Order Type
IBKRATS Time in Force

*Orders that are directed to IBKRATS will float both ways with the market, resulting in improvement or disimprovement.

Open Users' Guide

The risk of loss in online trading of stocks, options, futures, currencies, foreign equities, and fixed income can be substantial. Options are not suitable for all investors. For more information read the "Characteristics and Risks of Standardized Options". For a copy click here.

Your capital is at risk and your losses may exceed the value of your original investment.

Interactive Brokers (U.K.) Limited is authorised and regulated by the Financial Conduct Authority. FCA Reference Number 208159.

Interactive Brokers LLC is regulated by the US SEC and CFTC and is a member of the SIPC (www.sipc.org) compensation scheme;
products are only covered by the UK FSCS in limited circumstances.

Before trading, customers must read the relevant risk disclosure statements on our Warnings and Disclaimers page.

For a list of IBG memberships worldwide, click here.