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Discretionary Pegged Orders (DPO) on NYSE Arca

The DPO is a passive non displayed order type that provides price protection via a data-driven signal. Discretionary Pegged Orders rest on the NYSE Arca order book while seeking to access liquidity at the most advantageous price up to the midpoint.1

The Benefits of DPO on NYSE Arca

DPO provides flexible order placement and price protection opportunities on NYSE Arca, the 3rd largest equity exchange in the U.S. and the preferred venue for ETFs.

The NYSE Arca DPO will provide:

Extra level of protection against unstable quotes, without artificial latency restrictions

Data-driven discretionary liquidity solution on a deep, diverse exchange

Trading at multiple price points to maximize spread capture opportunities


1“Midpoint” refers to the midpoint of the NYSE Arca Protected Best Bid and Offer (PBBO).