IEX Primary and Discretionary Peg Orders and Wash-Trades

Discussion in 'Order Execution' started by stochastix, Aug 12, 2020.

  1. If I send a pair of primary peg orders to IEX on both sides of the book , unpriced, that should be totally acceptable. Is it possible for these orders to cross with each other? I don't think so, due to the way the orders are operate, an incoming market order has to hit them for the orders to be filled.

    Now, if i send a pair of discretionary peg orders on both sides of the market, is it possible for these orders to cross with them? They can execute up to the mid-point, will both my orders meet at the mid-point and self-cross (against the rules) ?

    I'm trying to find out if my broker (wont name names) is improperly flagging my orders as wash-trades when they shouldn't be. I dont take it personally, its just a system, but I would like for it to operate properly.

    I know the FIX spec has something called AIQ for self-trade prevention. Any thoughts?
     
  2. Primary pegs won't wash with each other. Discretionary pegs will
     
    qlai likes this.