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Trading & Technology  ISEspreads®
ISEspreads®
ISEspreads® is innovative technology that enables all market participants to trade smarter by providing efficient and liquid markets for multi-legged strategies including Complex, Buy-write and Delta Neutral orders. This fully electronic order book was launched in 2003 and now offers immediate spread execution in over 2000 products.
 
ISEspreads® is a registered trademark of International Securities Exchange, Inc.

Overview

ISEspreads offers:                                                                                                    
Options Only                                                       Buy-Writes and Delta Neutrals
- Regular Orders                                                 - Regular Orders                                          
- Facilitation Orders                                            - Facilitation Orders 
- Solicitation Orders                                            - Solicitation Orders
 
 
ISEspreads advantages:
- Automatic execution                                          - Legging into the order book
- Access to the ISEspreads orderbook                  without leg-in risk
 
 
ISEspreads supports:
- Up to 4 option legs and 1 stock leg                   - Stock Give Up
- Max ratio 3:1                                                     - Buy-Write and Delta Neutral orders
- Orders and executions in pennies                       available in over 2000 products
- Market and Limit Orders
- IOC, FOK, Day, GTC Orders

Fees

Execution Fees for Complex Orders set forth in ISE’s Fee Schedule apply to the options portion of stock-option combination executions. Additional BNY Convergex Execution Services, LLC charges for stock executions are billed on your ISE monthly statement at these rates:
  • $0.0005 per share per side (1/20th of 1 ¢), $1 minimum, $50 maximum
  • Trades that leg into the market: $0.001/share per side
  • SEC Section 31 fees where applicable, at cost if applicable
  • NASD Trading Activity Fee where applicable, at cost if applicable

Note: These rates are current, and are subject to change upon notice.

How to Sign Up

To become eligible for ISE Buy-writes and Delta Neutrals, your firm must be a member of BNY Convergex Execution Services, LLC.  To find out if you are already a member, please contact ISE Business Development at bizdev@ise.com.
 
If you are not yet a BNY Convergex Execution Services, LLC member, please complete the following four documents:
If you are already a BNY Convergex Execution Services, LLC member, simply complete the Stock-Option Addendum to the ISE Member Access Agreement.
 
 
The required document(s) should  be completed and signed by an individual in your firm with appropriate signing authority. A copy of your firm's most recent Focus Report and Audited Financials along with the completed documents should be returned to:
 
Geralyn Endo
International Securities Exchange
60 Broad Street
New York , NY 10004
Phone: (212) 897-8171
fax: (212) 425-4926
 
NOTE: To expedite activation of the functionality, the documents may also be faxed to (212) 426-4926. However, signed hard copies of the originals must still be mailed to the above address.
 
Once the ISE legal department has reviewed the agreements, your firm can usually be activated for Buy-write and Delta Neutral strategies within 24 hours.  An additional software download is not required for PrecISE Trade users.  Tied to Stock orders may be entered using the With Stock Order ticket.

Support

For more information about complex orders in ISEspreads:
(212) 897-0357
 
For assistance with the ISEspreads agreements:
(212) 897-8152
 
For ISE FIX/API development support:
(212) 897-0244
  
For all trade support issues:
(877) 473-9989