Yesterday we wrote about Direct Edge’s Route Peg order – a hidden order that gets rebated, does not “take” liquidity, and can discriminate against who it trades against. It is designed to be traded through. And it is designed to subject the order’s originator to less adverse selection – a purchase has greater chance of going higher in price, and a sale has a greater chance of going lower. It was approved by the SEC.
In July we wrote of NYSE-Arca’s PL Select order- a hidden order
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