A market peg order that is tied to the opposite side of the best market quote (NBBO). A reverse peg order to buy is placed at the inside offer less at least $.01. In other words, the pegged bid will always be lower than the inside ask, in order to avoid any situation of a lock or cross. A reverse peg order to sell is placed at the inside bid plus at least $.01. This means that the pegged ask will always be higher than the inside bid, so there will not be a lock or a cross.
This order is also known as a market reverse peg order.
