C-Peg uses the Signal functionality of D-Peg but is constrained to exercise discretion to the lesser of the last sale price or midpoint price during periods of quote stability and rests at the least aggressive (lowest) of 1 MPV below the NBB, the last sale, or the limit price.
Information about potentially unstable quotes is detected by the Signal, which provides C-Peg orders with an instruction to stop seeking liquidity at a more aggressive price until the quote returns to a stable state.
C-Peg buy order is booked 1 MPV below the NBB with $10.13 limit during a period of quote stability. The last sale was at $10.11.
C-Peg buy order is booked 1 MPV below the NBB with a $10.13 limit during a crumbling quote. The last sale was at $10.13.
C-Peg buy order is booked at the last sale price, $10.08, during a period of quote stability. The NBB is $10.10.