primary peg order
SAINMHÍNIÚ order that follows the best bid, when buying a security, and the best offer, when selling a security TAGAIRT MONEY-ZINE > Primary Peg Orders (Regular Peg Orders), http://www.money-zine.com/definitions/investing-dictionary/primary-peg-orders/ [27.7.2016]
NÓTA It is "pegged" to one side of an order book. For example, if the trader wants to sell a stock, it would be pegged to the offer side of the order book. Peg orders allow a trader to track the best offer when they are selling a stock and the best bid when buying a security. It's also possible to place a limit on the order, which is the highest price the trader is willing to pay for a security, or the lowest price they are willing to receive when selling a security.