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    Midpoint Peg (M-Peg) Order Type

    Midpoint Peg (M-Peg) is a non-displayed order type that is pegged to the midpoint of the NBBO, subject to the order’s limit price, if any.
    M-Peg orders do not change their behavior during periods of quote instability, and when D-Peg orders exercise price discretion to the midpoint of the NBBO, M-Peg orders have priority over D-Peg orders.

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