International Securities Exchange Surpasses 50 Million Contracts Traded Through Implied Order Functionality

The International Securities Exchange (ISE) today announced that trading of multi-legged strategy orders through its Implied Order* functionality has exceeded 50 million contracts. ISE’s Implied Order functionality has accounted for approximately 5.6 percent of all non-crossing, multi-legged contract volume executed on ISE year-to-date.

Implied Orders increase liquidity for complex orders resting on ISE by matching or improving ISE’s BBO on one of the component legs and displaying liquidity from ISE’s complex order book on the regular order book published to OPRA. Implied Orders are firm for all incoming regular orders and upon execution, automatically result in the execution of the strategy order by executing the other component of the order against resting liquidity. This functionality is automatically available in ISE’s trading system for eligible multi-legged orders.

ISE was the first U.S. options exchange to offer Implied Order functionality. To learn more about ISE’s industry leading Implied Order functionality, please visit www.ise.com/ImpliedOrders.

*Also known as Legging Orders.