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The International Securities Exchange (ISE) today announced that trading of multi-legged strategy orders through its Implied Order* functionality has exceeded 20 million contracts. ISE's Implied Order functionality has accounted for approximately seven percent of all non-crossing, multi-legged contract volume executed on ISE year-to-date. With the ongoing success of Implied Orders, the functionality has tightened spreads on ISE's regular order book, improving executions for exchange members with both single- and multi-legged orders.
"We are very pleased to have surpassed 20 million contracts through our Implied Order functionality, further validating ISE as the industry leading destination for multi-legged orders," said Boris Ilyevsky, Managing Director of ISE's Options Exchanges. "We look forward to introducing further enhancements to our multi-legged order functionality, and to continuing to grow this important segment of our business."
Implied Orders match or improve ISE's BBO on one of the component legs and display 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 as per ISE Rule 715(k).
