From a press release issued by the ISE...
NEW YORK, August 23, 2010 – The International Securities Exchange (ISE) announced today that it has launched a new Step Up and Match feature for Facilitation and Price Improvement Mechanism (PIM) orders. These orders are exposed to all ISE market participants who may respond to participate with the order during a one second auction. The Step Up and Match functionality now allows firms originating the order to step up and match the best price achieved during the auction or up to a specific limit price, allowing greater flexibility for participation.
“We are very excited to offer the Step Up and Match feature to our members,” said Boris Ilyevsky, Managing Director of ISE’s options exchange. “This functionality provides our members with higher and more flexible participation with orders they bring to our exchange while also providing price improvement for their customers.”
Step Up and Match crossing orders can be submitted via PrecISE Trade®, FIX and API applications. For more information, contact ISE Business Development at firstname.lastname@example.org.