Midpoint Peg Orders Explained: Half-Cent Fills
A midpoint peg order floats at the middle of the national best bid and offer. See how half-cent price improvement works and when it is worth almost nothing.
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The Sub-Penny Rule and Price Improvement
Rule 612, the sub-penny rule, bans quotes in fractions of a cent above $1.00. Here is why your fill still printed at four decimals, with real tape data.