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Near-The-Quote Limit Order


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).



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This section covers a wide-ranging array of terms and concepts, among others, in the area of exchanges and financial marekts at large ...
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