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THE NASDAQ BX SYSTEM SETTINGS
ORDER UPDATE LIMITER
The Order Update Limiter limits the number of changes that may occur to each Order (e.g. system generated child orders, reserve updates, replaces, cancellations of system generated child orders and Trade Now requests).
- 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 updated 1,000 times, the Order will be cancelled.
- 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.
- Limit on the number of changes that may occur to all other order types – 10,000 times – If an Order is repriced and/or reentered 10,000 times for any reason, the Order will be cancelled.
- Limit on the number of changes that may occur to an Order with Midpoint Pegging during a crossed market – 10 times – If an Order with Midpoint Pegging is reentered 10 times in an attempt to reprice to a new midpoint price, but the market remains crossed, the Order will be cancelled.
