THE NASDAQ PSX 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, and cancellations of system generated child orders)..

  • 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.

EXECUTION ALGORITHM

All symbols on PSX are currently traded under the Pro Rata Execution Algorithm. Rule 3307(b)