Market Order Type
An order to buy or sell a stated amount of a security that is to be executed at or better than the NBBO at the time the order reaches IEX Exchange.
Details
Market orders are never displayable. Market orders do not trade through Protected Quotations, therefore any unexecuted portion of a market order will be canceled if all liquidity on the Exchange at or better than the best priced Protected Quotation is exhausted. IEX Exchange accepts market orders designated as routable.
Any portion of a routable market order that cannot be executed on IEX Exchange at or better than the best priced Protected Quotation will be eligible for routing to away trading centers. A routable market order will trade at increasingly aggressive prices, fully satisfying all Protected Quotations, until the order is fully filled, reaches the LULD Price Band, or reaches the IEX Router Constraint.