Sweep order functionality comes to ISE

From a press release issued by ISE...

NEW YORK, December 14, 2010 – The International Securities Exchange (ISE) announced today that it has launched Sweep and Cross functionality for its proprietary front-end trading system, PrecISE Trade.

With the efficiency of a single click, traders who enter large crossing orders are 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.

“We are very excited to enhance our best-in-class front-end trading system with this new trading tool,” said Boris Ilyevsky, Managing Director of ISE’s options exchange. “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.”

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 is currently offering a two month fee waiver for new users of PrecISE Trade. The robust front-end trading system supports all exchange order types and functionality, including complex orders, tied to stock options orders, crossing orders, and sweep functionality to access other exchanges. PrecISE Trade users have access to real time market data as well as ISE’s Depth of Market Feed, the ISE Spread Book Feed and real time options Greeks. In addition, PrecISE offers order management tools and flexible posttrade clearing and allocation functions.

For more information about Sweep and Cross functionality or PrecISE, please contact ISE Business Development at bizdev@ise.com.

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