A limit order (a buy order) that restricts the maximum price (payable) to a level a bit higher than the national best bid (NBB), that is, the current bid in the market (as as non-marketable buy order), at the time of order receipt. As a sell order (as a non-marketable sell order), it restricts the minimum price (receivable) to a level a bit lower than the national best offer (NBO), that is, the current offer in the market, [all close to the quote]. In either case, the limit price will be restricted to a level higher/ lower than the current market price by a very small fraction of a monetary unit (e.g., $0.10).
January 31, 2024