THE NASDAQ BX SYSTEM SETTINGS

ORDER UPDATE LIMITER

The Order Update Limiter limits then number of changes that may occur to each Order (e.g. repricing of an Order by the System for any reason, reentry of an Order to the BX Book).

  • Limit on the number of changes that may occur to an Order – 10,000 times – If an Order is repriced and/or reentered 10,000 times for any reason, the Order will be cancelled. Rule 4702(a)
  • Limit on the number of changes that may occur to a Market Maker Peg Order – 1,000 times – If a Market Maker Peg Order is repriced 1,000 times, the Order will be cancelled. Rule 4702(b)(7)(A)
  • Limit on the number of changes that may occur to an Order with Primary Pegging – 1,000 times – if an Order with Primary Pegging is updated 1,000 times, the Order will be cancelled. Rule 4703(d)
  • Limit on the number of changes that may occur to an Order with Market Pegging – 10,000 times – if an Order with Market Pegging is updated 10,000 times, the Order will be cancelled. Rule 4703(d)