With the efficiency of a single click, traders who enter large crossing orders will now able to sweep the entire options market to execute against the top of book liquidity at other exchanges and then cross the remainder of the order at ISE.
The sweep orders will be sent to ISE’s Away Market Routing partner and when sweep executions are completed, a cross will be submitted at ISE for the remaining contracts.
According to ISE, the new PrecISE Sweep and Cross functionality adheres to all inter-market linkage rules related to execution of large crosses. PrecISE users must be enabled for Away Market Routing (AMR) to take advantage of this new tool.
ISE managing director of options exchange Boris Ilyevsky said ISE is very excited to enhance its best-in-class front-end trading system with this new trading tool.
"This powerful new functionality gives our members an efficient mechanism to benefit from ISE’s deep liquidity and to cross large options orders at the best available price for their customers," Ilyevsky said.
