Stock Peg Orders Clarified: Exchanges Sync Up Rules
Published Date: 12/23/2025
Notice
Summary
Cboe BZX Exchange is updating its rule about Pegged Orders to make things clearer and match the rules of its sister exchanges, EDGA and EDGX. This change helps traders understand how these special orders work across all three exchanges. The update took effect immediately on December 16, 2025, with no extra costs involved.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Pegged Orders Stay on Book When NBBO/NBO Unavailable
Under the amended Rule 11.9(c)(8), when the national best bid or offer (NBB or NBO) that a Pegged Order is tied to becomes unavailable, the Pegged Order will remain on the BZX Book instead of being cancelled back to the User.
BZX Aligns Pegged Order Rules With Affiliates
The Exchange amended Rule 11.9(c)(8) to align its Pegged Order text with the corresponding rules of its affiliate exchanges EDGA and EDGX to provide consistent Pegged Order offerings across the three exchanges.
Pegged Orders Get New Timestamp When Re-Eligible
The amended rule provides that a Pegged Order that was ineligible for execution because the NBB or NBO was unavailable will receive a new time stamp when the NBB or NBO becomes available again and the order becomes eligible for execution.
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