Protect Order Types
Alpha offers flexible support for order protection in the national market, providing that no better price order on a transparent market is traded through, and that the national market is not locked or crossed by orders posted on Alpha.
Protect Cancel and Protect Reprice orders allow clients to execute and post orders only on Alpha, with protection from creating trade-throughs and from locking or crossing the national market.
If an order is to lock, cross or trade through the National Best Bid and Offer (NBBO), the Protect Cancel order will be cancelled and the Protect Reprice order will be repriced to one tick inside the opposite side of the NBBO.
This protection is maintained through the life of the order to keep the order fully onside.
Protect Orders complement Alpha Order Router TTM Service which protects from trade-throughs by routing orders to other marketplaces with better priced orders before trading on Alpha.
To download our Protect Cancel and Protect Reprice Product Sheet, click here.
For Protect Cancel and Protect Reprice and our Trading Policies, click here.