Texas Stock Exchange Introduces Offset Peg for Flexible Trading
Published Date: 2/25/2026
Notice
Summary
The Texas Stock Exchange is adding a new type of order called the Offset Peg order, which helps traders set prices based on a reference price plus or minus a set amount. This change affects traders using the exchange and aims to make trading smoother and more flexible. The new rule is effective immediately, so traders can start using it right away without extra costs.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
Exchange Adds Offset Peg Order
The Texas Stock Exchange (TXSE) added a new non-displayed order type called the Offset Peg order that pegs to the primary quote (NBB for buys, NBO for sells) plus or minus a user-entered offset in basis points, up to the order's limit price. The Offset Peg is voluntary, available to Users/Members, and TXSE says it is similar to offset peg functionality on Nasdaq, NYSE Arca, and Cboe BZX.
Immediate Availability to Members
TXSE filed the rule change on February 17, 2026 and it became effective upon filing under Rule 19b-4(f)(6), so Members/Users can begin submitting Offset Peg orders immediately. The Exchange states the change is voluntary and that all Members would be eligible to use the Offset Peg order on the same terms.
Operational Limits and Rounding Rules
Offset Peg orders must include a limit price and the offset amount is entered in basis points at or within the NBBO; if the computed price would be in an increment smaller than permitted by Rule 11.006(g), buy prices are rounded down and sell prices are rounded up to the nearest permissible increment. TXSE also states Offset Peg orders may execute at a sub-penny midpoint price consistent with Regulation NMS Rule 612, will be rejected if the NBBO is not available, will be cancelled in a Regulatory Halt, and are subject to the same time-priority and auction/IPO handling as other Pegged Orders.
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