The International Securities Exchange (ISE) today announced the implementation of its electronic "Kill Switch" functionality in PrecISE Trade®, ISE's innovative, front-end execution system. The Kill Switch has already been available for exchange members that are connected to ISE via a Direct Trading Interface (DTI) or FIX connection. By extending this functionality to PrecISE, this segment of ISE's membership community now has the ability to utilize the Kill Switch to cancel all open orders and prevent new order submissions for more comprehensive risk management. In addition, if a DTI or FIX user is unable to access their system during a session, PrecISE serves as an alternative means of enabling the Kill Switch.
"The launch of the Kill Switch in PrecISE further equips our member firms with a real-time risk management tool and gives them additional control over their ISE order activity," said Boris Ilyevsky, Managing Director of ISE's Options Exchange. "This latest feature is another safeguard as we look to provide our member firms with a complete set of risk management tools so that they have the utmost confidence when providing liquidity or sending order flow to our exchange."
The Kill Switch can be configured to affect an entire member firm, specific trading desks within a member firm or specific sessions within a trading desk. It can also be triggered manually by ISE's Market Operations department upon member request.
