Can someone explain this to me? I saw the alert but dont understand what a proactive limit order actually does. Bid/offer example would be great. What is the new Proactive Limit Order? The Proactive Limit Order (also referred to as Super Aggressive Cross) is a routable order that, if not marketable at the time of entry, will be placed on NASDAQâs book for routing through the NASDAQ Market CenterSM. If, while on the book, its price is locked or crossed by a quote from a NASDAQÂ® accessible trading center, the Proactive Limit Order will route out to access the locking/crossing liquidity. Example: NBBO ARCA $20.00 NSE $20.02 A routable order to Buy is entered into NASDAQ at $20.01. As it is not marketable, the order will be added to NASDAQâs book, creating a new NBBO: NBBO NDAQ $20.01 NSE $20.02 If another venue then enters an offer of $20.01, the NASDAQ Buy order at $20.02 will route out to access the offer of $20.01. What will the pricing be for this new order type? When the order routes out to access the locking/crossing liquidity, it becomes a liquidity accessing order that incurs a normal routing charge. When will the Proactive Limit Order be available? The Proactive Limit Order will be available for all NASDAQ/NMS<Â® stocks and NASDAQSmallCap MarketSM stocks on September 26, 2005.