{"id":180016,"date":"2021-06-11T13:12:00","date_gmt":"2021-06-11T17:12:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/glossary-terms\/pegged-to-primary-order\/"},"modified":"2025-04-14T15:18:37","modified_gmt":"2025-04-14T19:18:37","slug":"pegged-to-primary-order","status":"publish","type":"glossary-terms","link":"https:\/\/www.interactivebrokers.com\/campus\/glossary-terms\/pegged-to-primary-order\/","title":{"rendered":"Pegged to Primary Order"},"content":{"rendered":"<p>Relative (a.k.a. Pegged-to-Primary) orders provide a means for traders to seek a more aggressive price than the National Best Bid and Offer (NBBO). By acting as liquidity providers and placing more aggressive bids and offers than the current best bids and offers, traders increase their odds of filling their orders. Quotes are automatically adjusted as the markets move, to remain aggressive.<\/p>\n<ul>\n<li>Directed orders, including orders sent to IBKR ATS, will float both ways with the market.<\/li>\n<li>Smart-Routed buy orders are pegged to the NBB by a more aggressive offset. If the NBB moves up, your bid will also move up. If the NBB moves down, there will be no adjustment.<\/li>\n<li>Smart-Routed sell orders are pegged to the NBO by a more aggressive offset. If the NBO moves down, your offer will also move down. If the NBO moves up, there will be no adjustment.<\/li>\n<\/ul>\n<p>In addition to the offset, you can define an absolute cap that works like a limit price, and will prevent your order from being executed above or below a specified price level.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>See Relative Order.<\/p>\n","protected":false},"featured_media":0,"parent":0,"template":"","meta":{"_acf_changed":false,"footnotes":""},"traders-glossary":[13257,13251],"class_list":{"0":"post-180016","1":"glossary-terms","2":"type-glossary-terms","3":"status-publish","5":"traders-glossary-trading-terms-p","6":"traders-glossary-trading-alphabet"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Archives Term | IBKR Glossary | IBKR Campus<\/title>\n<meta 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