Nickel ECN Limit Order Types
http://deepliquidity.com/limit_order_types.html
Market Maker Limit Order: This allows the liquidity provider to peg his order two cents away from the NBBO and if his limit order is hit or lifted, Nickel ECN will sweep the NMS protected quotes and all displayed and hidden liquidity up or down two cents to the price of the trade in behalf of the Liquidity Provider. This allows the market to offer size in exchange for a two cent price improvement along with first access to sweep better priced quotes.
Preferenced Internalization Limit Order: It allows brokers to match their orders internally at a $.02 cent price improvement to the NBBO using Nickel ECN market data to establish price/size without any obligation to trade with Nickel ECN’s liquidity providers.
Jumbo Limit Order: This order type allows the Market Maker to combine his limit order with the displayed limit orders at stock exchanges that are available at the NBBO and one cent away from the NBBO to create a jumbo quote which is priced two cents above or below the NBBO.
Pegged Limit Order with Reserve: This will allow traders to peg larger orders at two cents above or below the market and only show a portion of their order.
Natural Limit Order: This allows the liquidity provider to peg his order two cents away from the NBBO and if his limit order is hit or lifted, Nickel ECN will sweep the NMS protected quotes in behalf of the Liquidity Taker. The remaining shares are crossed at two cents away from the NBBO between the Liquidity Taker and Liquidity Provider.
