Reference Price
The Reference Price for a Market Maker Peg order will be the NBB for bids or NBO for offers; if there is no NBB or NBO, the Last Sale is used as the Reference Price. Note that in the absence of a Last Sale for the current trading day, the Market Maker Peg will wait to enter a quotation on that side until an execution occurs on the primary listing exchange.
The quote will be entered at a specified distance (the Peg Price Percentage) away from the Reference Price as follows:
| Limit Up-Limit Down Tier | Time Period | Peg Price Percentage |
|---|---|---|
| Tier 1 | 9:45 a.m. - 3:35 p.m. ET | 8% |
| Tier 1 | 9:30 a.m. - 9:45 a.m., 3:35 p.m. - 4:00 p.m. ET | 20% |
| Tier 2 | 9:30 a.m. - 4:00 p.m. ET | 28% |
Orders with a limit price that is less aggressive than the Peg Price Percentage away from the Reference Price will be rejected. Orders that were originally priced within the Peg Price Percentage that later exceed the Peg Price Percentage because of market movements will be cancelled back.
When the normal repricing of a Market Maker peg order to the designated percentage would result in the order being priced in excess of the system limitation of $999,999.99, the system limitation will prevail and the order will be priced no greater than $999,999.99.