Pegged orders are created to follow the NBBO as it moves. In addition to the installation of

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Pegged orders are created to follow the NBBO as it moves. In addition to the installation of the “speed bump,” the IEX has provided the primary peg order, which is intended to protect small or retail traders without the fastest access to markets from traders who can react more quickly to changing market conditions. Why might such orders run afoul of the NMS and the SEC’s efforts to provide traders continuous access to the NBBO?

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