The ISE Order Routing System (IORS) is designed to provide order entry, order management and trade reporting functions. IORS supports option strategies with up to four legs, including option orders with stock such as Buy-Writes and Delta Neutral orders. IORS does not support quoting and does not provide any market data.
A low bandwidth 56k or 64k connection is sufficient for stand-alone order routing. An order routing connection can share the infrastructure required for higher bandwidth PrecISE Trade® and/or other open interface-based trading systems. ISE has a fully supported development/test environment for bringing order routing clients online. All new order routing connections must pass ISE Software Quality Management (SQM) certification testing before they can be allowed to trade in ISE's production marketplace.
FIX Compliant Order Routing
The Financial Information Exchange (FIX) protocol is an open message standard that supports the real-time electronic exchange of securities transactions. ISE offers a FIX 4.2-compliant order routing interface over TCP/IP.
Third-Party Order Routing
Order routing service bureaus are independent firms that aggregate order flow from multiple sources and route it to ISE using their own connections. To connect to ISE, order routing service bureaus must establish a direct connection to ISE. Order routing service bureaus are responsible for ordering and managing their own telecommunication lines to ISE. |