US equities trading platform Direct Edge has introduced a new order type called Hide Not Slide, which allows traders to hide orders that were originally submitted as display-eligible and adjust their price while keeping their place in the order book queue.
Direct Edge said the new order type gives customers an additional choice in fast-moving markets and also respects the needs of the platform’s depth-of-book market data feed subscribers to minimise the dissemination of orders that appear to ‘lock’ the national market – i.e. those where the bid is the same as the ask price.
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