ISE introduced Implied Order functionality in May to a limited number of symbols and has conducted a measured roll out over the past three months. Implied Orders significantly enhance ISE's industry-leading complex order book by enabling greater interaction of multi-legged orders with the regular order book. This functionality has already tightened spreads on ISE's regular order book, resulting in better executions for multi-legged orders and for regular orders.

"The roll out of Implied Orders has surpassed our expectations. Customer feedback has been extremely positive since Implied Orders leverage liquidity across the entire industry and multi-legged orders routed to ISE have a much higher probability of execution than at other venues," said Boris Ilyevsky, Managing Director of ISE's options exchange. "Our high fill rates combined with our very competitive pricing structure mean that ISE should be the top routing destination for multi-legged orders. Although we are thrilled with the successful roll out of Implied Orders, we are already looking ahead to future enhancements to ensure ISE remains the industry leader for trading multi-legged orders."

Implied Orders match or improve ISE's BBO on one of the component legs and display liquidity from ISE's complex order book on the regular order book published to OPRA. Implied Orders are firm for all incoming regular orders and upon execution, automatically result in the execution of the strategy order by executing the other component of the order against resting liquidity. This functionality is automatically available in ISE's trading system for eligible multi-legged orders.
* Also known as Legging Orders as per ISE Rule 715(k).