International Securities Exchange Trades 15 Millionth Contract Through Implied Order

The International Securities Exchange (ISE) today announced that trading of multi-legged strategy orders through its Implied Order* functionality has exceeded 15 million contracts. Since ISE launched Implied Order functionality in May 2012, it has accounted for approximately 10 percent of all non-crossing, multi-legged contract volume executed on ISE. With the notable success of Implied Orders, the functionality has tightened spreads on ISE's regular order book, which has improved executions for exchange members with both single- and multi-legged orders.
 
"ISE's Implied Order functionality has exceeded our expectations and delivered significant improvements in execution quality by leveraging liquidity throughout the industry," said Boris Ilyevsky, Managing Director of ISE's options exchange. "Exceeding the milestone of 15 million Implied Order contracts validates our approach and, coupled with our very competitive pricing structure, demonstrates that ISE will continue to remain a leading routing destination for multi-legged orders."

ISE was the first U.S. options exchange to offer Implied Order functionality in May 2012. This functionality is automatically available in ISE's trading system for eligible multi-legged orders. To learn more about ISE's industry leading Implied Order functionality, please visit our website.

* Also known as Legging Orders as per ISE Rule 715(k).