A peg (a pegged order) that has a floating execution price that is pegged to the movements of a midpoint reference price (e.g., the NBBO). If the NBBO midpoint is beyond the range of the limit price, the midpoint order will remain unexecuted, while parked or queued retaining priority. When the NBBO midpoint returns back to the range of the order’s limit price, the order becomes up for execution.

Attempts to finish the trade will continue, with the order re-entering the order book, if attempts are unsuccessful, and maintaining its time priority.