{"id":185053,"date":"2023-02-15T10:39:11","date_gmt":"2023-02-15T15:39:11","guid":{"rendered":"https:\/\/ibkrcampus.com\/?post_type=trading-lessons&#038;p=185053"},"modified":"2026-06-25T14:23:31","modified_gmt":"2026-06-25T18:23:31","slug":"ibkr-ats-pegged-to-best","status":"publish","type":"trading-lessons","link":"..\/..\/..\/..\/trading-lessons\/ibkr-ats-pegged-to-best\/index.html","title":{"rendered":"SAC ATS Pegged-to-Best"},"content":{"rendered":"\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>Already an Star Arc Capital Client?<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/interactivebrokers.com\/mkt\/?src=taATSAcc&amp;url=%2Fsso%2Fresolver%3Faction%3DAccountSettings%26config%3DTradingPermissions\" target=\"_blank\" rel=\"noreferrer noopener\">Request Trading Permissions<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>New to Star Arc Capital?<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"../../../../../login.html" target=\"_blank\" rel=\"noreferrer noopener\">Open Account<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n\n<p class=\"wp-block-paragraph\">The <a href=\"https:\/\/interactivebrokers.com\/en\/trading\/orders\/ibkrats-pegbest.php\">SAC ATS Pegged-to-Best<\/a> order type is useful for investors to direct non-markable or liquidity providing orders to the <a href=\"https:\/\/interactivebrokers.com\/en\/trading\/orders\/ibkrats.php\">SAC ATS<\/a> that compete with the near side National Best Bid and Offer, more commonly known as the <a href=\"\/campus\/glossary-terms\/nbbo\/\">NBBO<\/a>, as well as other same side liquidity adding resting orders on the SAC ATS.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Pegged-to-Best order type floats so that it will always be one penny more aggressive than the better of the near side NBBO and the best priced same side resting liquidity-adding order in the SAC ATS, up to the NBBO midpoint minus (for a buy) or plus (for a sell) a user-defined number of increments, providing a high probability of trading with SAC client SMART routed orders on the opposite side.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To access the SAC ATS from Mosaic, the investor should enter a symbol in the Order Entry panel, select Buy or Sell, and the quantity they want to trade. Next, the investor should bring up the <em>Advanced Panel<\/em> by clicking on the plus sign next to <em>Advanced<\/em>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the top left-hand corner of the panel, click on the arrow next to the <em>Destination<\/em> drop-down box, scroll down to <em>Directed<\/em>, expand the choices by clicking on the plus sign, and choose <em>IBKRATS<\/em>. Click on the order type drop down box directly above in the Order Entry panel and select <em>Pegged-to-Best<\/em>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1000\" height=\"461\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/IBKRATS-Peg-Best-1.jpg\" alt=\"\" class=\"wp-image-188579 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/IBKRATS-Peg-Best-1.jpg 1000w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/IBKRATS-Peg-Best-1-700x323.jpg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/IBKRATS-Peg-Best-1-300x138.jpg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/IBKRATS-Peg-Best-1-768x354.jpg 768w\" data-sizes=\"(max-width: 1000px) 100vw, 1000px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1000px; aspect-ratio: 1000\/461;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">In the Advanced panel, five boxes appear below the Destination:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Mid Offset at Whole or a Primary offset <\/strong>\u2013 which must be in whole cent increments, that is applied to the spread when it is an even number of cents wide. This is only used when the Compete against best bid offset is set to <em>UpToMid<\/em>,<\/li>\n\n\n\n<li><strong>Mid Offset at Half or a Secondary offset<\/strong> \u2013 which must be in half-penny increments, that is automatically applied when the spread is an odd number of cents wide resulting in a whole penny price after it is added or subtracted from the midpoint price. Like the primary offset this is only activated when the Compete against best bid offset is set to <em>UpToMid<\/em>,<\/li>\n\n\n\n<li><strong>Reroute to SMART after<\/strong> \u2013 this is the number of minutes the order will stay in the SAC ATS before being routed to other destinations, the investor may choose between 0 \u2013 120 minutes. Certain order types may not work in destinations outside the SAC ATS<\/li>\n\n\n\n<li><strong>Minimum Competing Size<\/strong> \u2013 which is the minimum order size required for the investor\u2019s Pegged-to-Best order to compete against other orders in the SAC ATS.<\/li>\n\n\n\n<li><strong>Compete Against Best Bid Offset<\/strong> \u2013 this offset denotes how aggressively relative to the combined NBBO, to compete with other orders. Offsets can be specified in pennies or set to UpToMid. The Pegged-to-Best order type allows the investor to add offsets to compete for liquidity.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1000\" height=\"375\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/IBKRATS-Peg-Best-2.jpg\" alt=\"\" class=\"wp-image-188580 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/IBKRATS-Peg-Best-2.jpg 1000w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/IBKRATS-Peg-Best-2-700x263.jpg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/IBKRATS-Peg-Best-2-300x113.jpg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/IBKRATS-Peg-Best-2-768x288.jpg 768w\" data-sizes=\"(max-width: 1000px) 100vw, 1000px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1000px; aspect-ratio: 1000\/375;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">For this example, the investor will set the <em>Compete Against Best Bid Offset<\/em> to .02, set <em>Minimum Competing Size <\/em>offset to 50 and exit out of the Advanced Panel by clicking on the red X in the upper right-hand corner and adjust the limit price to the desired amount. The investor then clicks <em>Submit<\/em> and reviews the Order Confirmation screen before clicking on <em>Transmit<\/em> to send the order.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the Activity panel, the order will show <em>IBKRATS<\/em> in the Destination column, <em>Pegged-to-Best<\/em> in the Order Type column, and 0.02 in the <em>Compete Against Best Bid or Offer Offset<\/em> column.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1000\" height=\"273\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/IBKRATS-Peg-Best-3.jpg\" alt=\"\" class=\"wp-image-188582 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/IBKRATS-Peg-Best-3.jpg 1000w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/IBKRATS-Peg-Best-3-700x191.jpg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/IBKRATS-Peg-Best-3-300x82.jpg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/IBKRATS-Peg-Best-3-768x210.jpg 768w\" data-sizes=\"(max-width: 1000px) 100vw, 1000px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1000px; aspect-ratio: 1000\/273;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">For more information on the SAC ATS Pegged-to-Best order type, please visit our website or user guide.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><span style=\"text-decoration: underline;\">Additional Resources<\/span><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/interactivebrokers.com\/en\/trading\/orders\/ibkrats-pegbest.php\">SAC ATS Pegged-to-Best Order Type<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.ibkrguides.com\/tws\/usersguidebook\/ordertypes\/ibkrats-pegbest.htm\" target=\"_blank\" rel=\"noreferrer noopener\">SAC ATS Pegged-to-Best User Guide<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/interactivebrokers.com\/en\/trading\/orders\/ibkrats.php\" target=\"_blank\" rel=\"noreferrer noopener\">SAC ATS<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The SAC ATS Pegged-to-Best order type is available for US stocks. It is useful for investors to direct non markable or liquidity providing orders to the SAC ATS that compete with the near side NBBO.<\/p>\n","protected":false},"author":899,"featured_media":185054,"parent":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"contributors-categories":[13576],"traders-academy":[13127,13128,13132],"class_list":["post-185053","trading-lessons","type-trading-lessons","status-publish","has-post-thumbnail","contributors-categories-interactive-brokers","traders-academy-advanced-trading","traders-academy-level","traders-academy-trading-lesson"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Archives | Traders&#039; Academy | SAC Campus<\/title>\n<meta name=\"description\" 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