ISE offers new order type for options

NEW YORK, July 19, 2010 - The International Securities Exchange (ISE) today announced that it has introduced Do Not Route (DNR) orders for both priority and professional customers. This new order type allows ISE's customers to indicate that they want to cancel their options orders rather than have them routed to another exchange if the National Best Bid or Offer (NBBO) is not posted at ISE.

"Transaction fees vary widely across the U.S. options exchanges, and this order type gives our customers more flexibility and control over the access fees they pay to execute options transactions," said Boris Ilyevsky, managing director of ISE's options exchange. "Our new DNR order type gives customers more choice in how their transactions are handled."

Customers can now designate market or limit orders as DNR at the time of entry. These orders will be executed at the National Best Bid or Offer (NBBO) in whole or in part on ISE's order book only. If ISE is not posting the NBBO, ISE members have the opportunity to match or improve the NBBO through a step-up auction to trade with the DNR order. Any balance of a DNR order that cannot be executed or placed on ISE's limit order book will be automatically cancelled. For more information, please contact ISE's Business Development team at

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