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Bona Fide Quotation

A displayed quote representing a bid to buy or offer to sell a specific quantity of a security (or any...

Firm Quote

A displayed quote representing a bid to buy or offer to sell a specific quantity of a security (or any...

Non-Displayed Midpoint Order

An order (non-displayed order) that is pegged to execute at the floating mid-point of the national best bid and offer...

Dark Midpoint Order

An order (dark order) that is pegged to execute at the floating mid-point of the national best bid and offer...

Dark Order

An order (limit order) that is not revealed to the public- i.e., it is not displayed in the market system....

Non-Displayed Order

An order (limit order) that is not revealed to the public- i.e., it is not displayed in the market system....

Lit Order

An order that is displayed in an exchange's system and hence is visible to all market participants for their action....

Displayed Order

An order that is displayed in an exchange's system and hence is visible to all market participants for their action....

Primary Peg Order

An order that follows, and then is placed at, the best bid, when buying a security (a buy order), and...

Deal Flow

The rate of new deals that come in to the investment banking unit of a brokerage firm (broker), including proposals...