Order types

Tracking  Order		1.  an undisplayed limit , priced round lot  eligible for execution in the tracking order process against orders equal to or less than the aggregate size of the tracking order interest if interest is available at that price.  A tracking limit order will not trade through the PBBO.		Hidden	No	• Created to increase the probability of an internal fill. • Liquidity providers - interact with less aggressive order-flow • Liquidity taking - it provides a faster fill vs. routed to away venues. • Offers a way for an institution to be passive and not influence the price of the stock • Used by Sell Side Firms/Agency Brokers
Mid-Point Passive Liquidity (MPL) Order		1. an undisplayed limit order  priced at the midpoint of the Protected Best Bid and Offer (PBBO). MPL orders will generally interact with all order types including contra MPL's. 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. MPL's will not participate in any Auction		Hidden	No	• Version of the Passive Liquidity order • Non displayed and is priced and tracks at the Midpoint of the PBBO • Used by Sell Side Firms/Agency Brokers/HFT's
Mid-Point Passive Liquidity IOC Order		An MPL Order priced at the midpoint of the PBBO when entered that follows the time-in-force instructions of an immediate-or-cancel order. Users may not specify a minimum executable size for an MPL-IOC order and if the market is locked or crossed, the MPL-IOC Order will cancel.  An MPL-IOC Order must have a minimum order entry size of one round lot.		Hidden	No	• Adds the ability to implement more sophisticated passive and semi-aggressive trading strategies while controlling trading costs                                                • Used by Sell Side Firms/Agency Brokers/HFT's
Pegged Order		An order with a price that will track the protected best bid or offer.		Displayed	No	•  Adds the ability to implement more sophisticated passive and semi-aggressive trading strategies while controlling trading costs                                                                                                                                       • Automated ability to remain passive at the inside price                                                                • Used by Sell Side Firms/Agency Brokers
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.		Displayed	Yes	• Industry Standard                                                                                                         • Used by Sell Side Firms/Agency Brokers/HFT's
Inside Limit Order		Marketable inside limit orders will be matched within the Book at the best obtainable price or routed to the market participants at the NBBO. If routed, 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.		Situationally Displayed	Yes	• Enhance our routing process to route passively at the inside price level                                                                                                                                                                                                                                    • Used by Sell Side Firms/Agency Brokers
Discretionary Order		An order to buy or sell a stated amount of a security at a specified, undisplayed price (the "discretionary price"), in addition to at a specified, displayed price ("displayed price.")		Situationally Displayed	Yes	• Automated ability to trade within a predetermined range by reducing market impact • Ability to post at its limit price, while keeping the offset non-displayed                                                                                                            • Able to control the minimum quantity being routed to discretion prices at external markets                                                                                                                                     • Used by Sell Side Firms/Agency Brokers
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.		Hidden	No	• Exists at the end of the Displayed Order process and are executed in price-time priority after all displayed and reserve orders are completed at a price level.                                                                                                                                                                  • Created to compete in the non displayed order space                                                                        • Used by Sell Side Firms/Agency Brokers/HFT's
Immediate-Or- Cancel (IOC)		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.		Hidden	No	• Industry Standard, quickly remove liquidity from NYSE Arca book without routing to away markets                                                                                                   • Used by Sell Side Firms/Agency Brokers
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.		Hidden	No	• Quickly remove liquidity from NYSE Arca book without routing to away markets equal to the entire order quantity                                                                  • Used by Sell Side Firms/Agency Brokers
NOW Order (NOW)		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.		Hidden	No	• Quickly remove liquidity from NYSE Arca book and also to away markets publishing a fast/electronic quote                                                                                                     • Used by Sell Side Firms/Agency Brokers
Market Order		An order to buy or sell that is to be executed at the best price obtainable without trading through the PBBO.  Market orders will not execute at prices outside of Trading Collars that are based on a specified percentage away from the consolidated last sale price.		Hidden	Yes	• Industry Standard                                                                                                         • Used by Sell Side Firms/Agency Brokers
Adding Liquidity Only (ALO) Order		The ALO order is a limit order that is posted to the NYSE Arca book only when the order adds liquidity. Once accepted and placed in the NYSE Arca book, ALO orders will not route to away market centers. The ALO order+F4 shall be Day Only, and may not be designated as Good Till Cancel (GTC). ALO orders will be rejected if marketable when it arrives, it would lock or cross the market, or would interact with un-displayed orders, except for MPL orders.		Displayed	No	• Gives greater control to our customers as they manage the various fee structures                                                                                                                                                          • Assists users in controlling their costs                                                                                                              • Used by Sell Side Firms/Agency Brokers/HFT's
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 or trade through a protected quote will be canceled, unless designated as an Intermarket Sweep Order.		Displayed	No	• Order type to support posting functionality and control routing costs                                       • Used by Sell Side Firms/Agency Brokers/HFT's
Post No Preference Blind (PNP B) Order		A PNP order that, if, at the time of entry, would create a violation of Rule 610(d) of Regulation NMS by locking or crossing the protected quotation of an external market or would cause a violation of Rule 611 of Regulation NMS shall be priced to the current best protected offer ("PBO") (for bids) or to the current best protected bid ("PBB") (for offers) and displayed at one minimum price variation ("MPV") below the current PBO (for bids) or above the current PBB (for offers). If the PBO (PBB) re-prices higher (lower), a PNP Blind order to buy (sell) shall be repriced to the updated PBO (PBB) and redisplayed one MPV below (above) the updated PBO (PBB) until it reaches its limit price. If the PBO (PBB) re-prices to be equal to or lower (higher) than the last displayed price of a PNP Blind order to buy (sell), the PNP Blind order shall remain priced and displayed at its last displayed price. If the PBBO changes such that a PNP Blind order would not lock or cross the PBBO of an external market, the order will be displayed as a PNP limit order.		Displayed	No	• Created to reduce traffic generated by rejected PNP orders due to the Market Data latencies in the Protected SIP Quote                                                                                                                                                  • Utilized by customers that want to be first at the price but do not want to display a locked or crossed market                                                                                                      • Once the PNP-B is displayed at its limit price – it is be ranked in price time priority with all other orders at that price                                                                                                                                          • Used by Sell Side Firms/Agency Brokers/HFT's
Reserve Order		A limit order with a portion of the size displayed and with a reserve portion of the size ("reserve size") that is not displayed on the Corporation.		Displayed	Yes	• Industry Standard, first created as an Iceberg order by Bloomberg                     • Used by Sell Side Firms/Agency Brokers
Proactive if Locked Reserve		A Reserve Order that will route to another market center for the away market's displayed size up to such reserve amount in the instance in which the other market center has locked the order and the locking market has not resolved the locked market situation in a timely manner based upon average response times from other market centers.  If the routed order is not executed in its entirely, then the remaining portion will be posted to the Book.   Only available for Exchange-listed securities.		Displayed	Yes	• A modifier that a client can request that the away market's displayed size be shipped when the Reserve Order has been locked (or crossed) by the away market and there has been no resolution of the locked (or crossed) market by the offending away market                                                                                                        • Used by Sell Side Firms/Agency Brokers
PNP ISO		Regardless of any protected quotes, an ISO  order  trades with interest on NYSE ARCA and posts any unexecuted balance. An ISO means a limit order for an NMS stock that meets the requirements of Rule 600(b)(30) of Regulation NMS under the Securities Exchange Act. Users shall be responsible for compliance with SEC Rule 611 of Regulation NMS and NYSE Arca Rule 7.37(e) with respect to Intermarket Sweep Orders.		Displayed	No	• Sweep the NYSE Arca Book to the price, post any remaining balance, and ignore all external quotes.                                                                                                  • Utilized by customers that satisfy there internal Reg NMS 611 obligation and want to send order quickly to  remove/post on NYSE Arca Book                                                                                                                       • Used by Sell Side Firms/HFT's
IOC ISO		Regardless of any protected quotes, a IOC ISO  order  trades with interest on NYSE ARCA and cancels any unexecuted balance. An ISO means a limit order for an NMS stock that meets the requirements of Rule 600(b)(30) of Regulation NMS under the Securities Exchange Act. Users shall be responsible for compliance with SEC Rule 611 of Regulation NMS and NYSE Arca Rule 7.37(e) with respect to Intermarket Sweep Orders.		Hidden	No	• Sweep the NYSE Arca Book to the price, cancel any remaining balance, and ignore all external quotes.                                                                                                  • Utilized by customers that satisfy there internal Reg NMS 611 obligation and want to send order quickly to  remove from the NYSE Arca Book                                                                                                       • Used by Sell Side Firms/HFT's
Q Order		A limit order submitted only by a Registered NYSE Arca Market Maker		Displayed	No	• Q order's are used to enter the two sided market and provide liquidity in the symbols the market maker is registered.                                                                      • Used by Registered NYSE Arca Market Makers only
Cross Order Day		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.		N/A	Yes	• Used by Sell Side Firms/Agency Brokers
IOC Cross Order		An IOC Cross Order is an order that is to be executed in its entirety as a cross transaction as soon as such order is received; provided, however, the order will cancel at the time of order entry if:  the cross price locks or crosses the PBBO; or the cross price would cause an execution at a price that trades through the PBBO, or the cross price is between the BBO and does not improve the BBO by the minimum price increment.		N/A	No	• Used by Sell Side Firms/Agency Brokers
Market-On- Open (MOO/MOA)                  Market-On- Close (MOC)		A market order that is to be executed only during the opening or the closing auction.		Hidden	No	• Used by Sell Side Firms/Agency Brokers
Limit-On- Open Order (LOO/LOA)              Limit-On-Close Order (LOC)		A limit price order that is to be executed only during the opening or the closing auction.		Hidden	No	• Used by Sell Side Firms/Agency Brokers
Specialized  Routing
Primary Only (POO) 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.		Displayed at Listing Market	Yes	• Participate in the opening of primary market opening auction                                                   • Used by Sell Side Firms/Agency Brokers/HFT's
Primary Only Plus (PO+) Order		An order type that allows users to send a directed order for immediate routing to the primary, listing exchange. 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. Orders will be cancelled if rejected from its listed market.		Displayed at Listing Market	Yes	• Enhancement to the PO order type that allows Users to route to the primary, listing market during all of the primary market’s eligible trading sessions.                                                                                                                                                     • PO+ volume will count toward the ADV calculation for NYSE Arca tiers even though shares do not attempt to execute against NYSE Arca.                                                                                                                          • Used by Sell Side Firms/Agency Brokers/HFT's
Primary Only (PO+) MOC/LOC		A PO + Order that is designated only for execution in the listing exchanges opening or closing process		Displayed at Listing Market	Yes	• Ability to participate directly in primary markets opening and closing auctions                                                                                                                                                         • Used by Sell Side Firms/Agency Brokers/HFT's
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.		Situationally Displayed	Yes	• Ability to sweep NYSE Arca book and route to primary as IOC or Day order                                                                                                                                   • When order is routed to primary market, the order will retain its qualifier and be sent as a Do Not Ship (DNS) order allowing order to interact or rest on primary market book                                                                                                                    • Used by Sell Side Firms/Agency Brokers/HFT's
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. The Primary Until 9:45 Order may be Day only and may not be designated as GTC or GTD. Orders that return to the NYSE Arca Book after routing to the primary market will retain their original order attributes.		Displayed	Yes	• Allow users to route orders to the primary listing market for the first 15 minutes of each trading day and return to NYSE Arca Book                                                         • Gain exposure to the primary market liquidity during the open potentially increasing execution and price improvement opportunities.                                                      • Used by Sell Side Firms/Agency Brokers/HFT's
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.		Displayed	Yes	• Allow users to route orders to the primary listing market for the last 5 minutes of each trading day.                                                                                                               • Gain exposure to the primary market liquidity during the close potentially increasing execution and price improvement opportunities.                       • Used by Sell Side Firms/Agency Brokers/HFT's
Attributes Index
Attribute		Attribute Description
Day		An order to buy or sell which, if not executed, expires at the end of the day on which it was entered.
Good Til Cancel (GTC)		An order to buy or sell (or unexecuted portion thereof) which, if not executed, remains in effect until executed, cancelled by the entering party, or expiration, whichever comes first. All unexecuted portions of GTC Orders will be cancelled by the Corporation one year after initial entry.
Good Til Date (GTD)		An order to buy or sell (or unexecuted portion thereof) set to expire following the close of the core session of the pre-determined date specified by the entering party which, if not executed, remains in effect until executed, cancelled by the entering party, or expiration, whichever comes first. All unexecuted portions of GTD Orders will be cancelled by the Corporation one year after initial entry.
Do Not Reduce (DNR)		A limit order to buy which is not to be reduced by the amount of an ordinary cash dividend on the ex-dividend date. A Do Not Reduce Order applies only to ordinary cash dividends; it should be reduced for other distributions such as when a stock goes "ex" a stock dividend or ex rights.
Do Not Increase (DNI)		A limit order to buy which is not to be increased in shares on the ex-date as a result of a stock dividend or stock distribution.
Minimum Quantity (Min Qty)		A specified minimum executable size will execute against an incoming order that meets the minimum executable size. Currently supported for MPL, FOK and Tracking Orders
ProActive If Locked		User specifies that an order should route outbound if NYSE Arca is locked by an away market center.
ProActive If Locked -MPL/MPL ALO		User specifies that an MPL Order or MPL-ALO Order may execute against an arriving marketable MPL-ALO Order.
Self Trade Prevention New (STP -N)		STP Cancel Newest ("STPN"). An incoming order marked with the STPN modifier will not execute against opposite side resting interest marked with any of the STP modifiers from the same ETP ID. The incoming order marked with the STPN modifier will be cancelled back to the originating ETP Holder. The resting order marked with one of the STP modifiers will remain on the NYSE Arca Book.
Self Trade Prevention Old (STP -O)		STP Cancel Oldest ("STPO"). An incoming order marked with the STPO modifier will not execute against opposite side resting interest marked with any of the STP modifiers from the same ETP ID. The resting order marked with the STP modifier will be cancelled back to the originating ETP Holder. The incoming order marked with the STPO modifier will remain on the NYSE Arca Book.
Self Trade Prevention Decrement and Cancel (STP -D)		STP Decrement and Cancel ("STPD"). An incoming order marked with the STPD modifier will not execute against opposite side resting interest marked with any of the STP modifiers from the same ETP ID. If both orders are equivalent in size, both orders will be cancelled back to the originating ETP Holders. If the orders are not equivalent in size, the equivalent size will be cancelled back to the originating ETP Holders and the larger order will be decremented by the size of the smaller order with the balance remaining on the NYSE Arca Book.
Self Trade Prevention Cancel Both (STP -C)		An incoming order marked with the STPC modifier will not execute against opposite side resting interest marked with any of the STP modifiers from the same ETP ID. The entire size of both orders will be cancelled back to originating ETP Holder.
No MPL Interaction		Users may mark incoming limit orders with a "No Midpoint Execution"designator; so marked, those limit orders will ignore MPL Orders and trade against the rest of the book in the ordinary course.
Auto Q		A Q Order may be designated as an Auto Q Order that would automatically repost a Q Order after an execution in the NYSE Arca Marketplace book at a designated increment and for the same amount of shares.