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IBKR ATS Pegged-to-Best

Pegged-to-Best on the IBKR ATS pegs your order to a price that is one tick better than the Combined NBBO* best bid/offer - up to your defined limit price but no higher than the mid-price - to help ensure a fast fill against incoming orders.  If Pegged-to-Best can’t improve on the best price, it will match it (this would occur if the price hits the midpoint). Orders will float both ways with the market to adjust for changes to Combined NBBO*.

In addition to automatically pegging the order price, Pegged-to-Best lets you define an offset used to compete against other Pegged-to-Best orders by making your order more aggressive.

Three user-defined parameters allow you to fine-tune your order:

  • Limit Price: Use the limit price field to define the highest bid or lowest offer allowed for your order.
  • Minimum Competing Size: Set to 100 by default, this field allows you to define the minimum order size in IBKR ATS required to compete. You can set a value of “0” to remove the minimum order size. Note that setting the minimum size to greater than 100 may
  • Compete against best bid/offer offset: Client can specify the number of ticks better than the Combined NBBO* they are willing to go to compete with other Pegged-to-Best order types in the IBKR ATS, not to exceed the midpoint or the client’s defined limit price. Set this in pennies, or define “Up to Midpoint” value.

*Combined NBBO: The system finds a baseline "best" price for your Pegged-to-Best order, which we call the “Combined NBBO.” This value is the better of the NBBO and the IBKT ATS BBO, and we use this as the baseline price to apply the “minimum tick” advantage and the “Compete against” offset.

Products Availability Routing TWS
Stocks US Products Smart Attribute
Non-US Products IBKRATS Order Type
Time in Force
Directed Destination
Open Users' Guide

Notes:

The Reference Table to the upper right provides a general summary of the order type characteristics. The checked features are applicable in some combination, but do not necessarily work in conjunction with all other checked features. For example, if Options and Stocks, US and Non-US, and Smart and Directed are all checked, it does not follow that all US and Non-US Smart and direct-routed stocks support the order type. It may be the case that only Smart-routed US Stocks, direct-routed Non-US stocks and Smart-routed US Options are supported.



How to Access Interactive Brokers' Automated Trading System (IBKRATS)



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