ECN, Exchange Group Give Access To Pegged Orders in 4.2
THE FIX FILES
In describing what’s new for ECNs in the FIX 4.2 scheme of things, John Armstrong, chair of the ECN exchanges working group and principal of IT at Morgan Stanley says, "The goal was to go beyond orders and executions to make a complete interface for electronic trading." In increasing their robustness, ECN users would " be able to add features to distinguish them from other ECNs."
One thing 4.2 can do is accommodate pegged orders. "Instinet developed the pegged order, which floats with the market
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