Using the QCC order type, ISE’s members can cross tied-to-stock options orders of 1,000 contracts or more on ISE’s market with a guaranteed execution as long as the order is priced at or better than the National Best Bid or Offer (NBBO) and does not trade in front of resting customer orders.
ISE president and CEO Gary Katz said the QCC order type brings large, institutional crossing business to an efficient, electronic environment.
"We applaud the SEC in its decision to allow for fair competition between floor-based and electronic options exchanges for these large-size contingency trades," Katz said.
ISE’s QCC order type was first approved by the SEC in August 2009, but a procedural appeal by a competing exchange prevented ISE from implementing the order type.
Following nearly a year of dialogue with the SEC, ISE submitted a revised rule filing in July 2010 and it was approved on 24 February 2011.
ISE said QCC orders are available for both single and multi-legged options orders via PrecISE, FIX and API connections.
