Priority Of Execution For Those Without A Speed Advantage

  • Continuous trading 8:00am to 5:00pm
  • Matching priority: price/broker/NEO Trader™/time
  • Make-Take fee model
  • Opening auction for Aequitas NEO Exchange listed securities only
  • Market-by-Order data feed

The Lit Book is one of two transparent and protected Aequitas NEO Exchange trading books that aim to level the playing field between those who have a speed advantage and those who do not.

Included in the order matching sequence is the NEO Trader™ priority, which is designed to promote investor confidence and align dealer financial interests with investor execution quality.

This sequence gives passive NEO Trader™ orders priority over Latency Sensitive Trader (LST) orders, regardless of which of those orders reaches the market first. By doing so, dealers who post client orders have more reason to trade passively in the Lit Book than they would on other marketplaces, hence reducing the need for them to cross the spread to trade.