NEW YORK--(BUSINESS WIRE)--The International Securities Exchange (ISE) announced today that it will introduce the Qualified Contingent Cross (QCC) order type on Monday, February 28, 2011, bringing important crossing functionality for large institutional orders to an all-electronic environment. Using the QCC order type, ISE’s members can cross tied-to-stock options orders of 1,000 contracts or more on ISE’s market with a guaranteed execution as long as the order is priced at or better than the National Best Bid or Offer (NBBO) and does not trade in front of resting customer orders.
“We are extremely excited to provide the QCC order type for our members,” said Gary Katz, President and Chief Executive Officer of ISE. “The QCC order type brings large, institutional crossing business to an efficient, electronic environment. We applaud the SEC in its decision to allow for fair competition between floor-based and electronic options exchanges for these large-size contingency trades.”
ISE’s QCC order type was first approved by the SEC in August 2009, but a procedural appeal by a competing exchange prevented ISE from implementing the order type. Following nearly a year of dialogue with the SEC, ISE submitted a revised rule filing in July 2010 and it was approved on February 24, 2011.
QCC orders are available for both single and multi-legged options orders via PrecISE, FIX and API connections. For more information, contact ISE Business Development at bizdev@ise.com.
About ISE
The International Securities Exchange (ISE) operates a leading U.S. options exchange and offers options trading on over 2,000 underlying equity, ETF, index, and FX products. As the first all-electronic options exchange in the U.S., ISE transformed the options industry by creating efficient markets through innovative market structure and technology. Regulated by the Securities and Exchange Commission (SEC) and a member-owner of The Options Clearing Corporation (OCC), ISE provides investors with a transparent marketplace for price and liquidity discovery on centrally cleared options products. ISE continues to expand its marketplace through the ongoing development of enhanced trading functionality, new products, and market data services. As a complement to its options business, ISE has expanded its reach into multiple asset classes through strategic investments in financial marketplaces and services that foster technology innovation and market efficiency. Through minority investments, ISE participates in the securities lending and equities markets. ISE also licenses its proprietary Longitude technology for trading in event-driven derivatives markets.
ISE is a wholly owned subsidiary of Eurex, a leading global derivatives exchange. Eurex itself is jointly operated by Deutsche Börse AG (Ticker: DB1) and SIX Swiss Exchange AG. Together, Eurex and ISE are the global market leader in individual equity and equity index derivatives. For more information, visit www.ise.com.