Implied Orders

Implied Order functionality displays liquidity from ISE’s complex order book on the regular order book published to OPRA. An Implied Order is automatically created if the limit price of a multi-legged order can match or improve the ISE Best Bid or Offer when each leg of the multi-legged order is paired against a resting order or quote. For the system to generate an Implied Order, the net price of the multi-legged order must be satisfied when both legs transact on the regular book. This functionality is automatically available in ISE’s trading system for eligible multi-legged orders.

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. 


*Non-crossing spreads are complex orders executed in the Complex book, by legging in to the Regular book, traded as an Implied Order or filled in the complex price improvement auction. Crossing spreads are complex orders executed in the PIM, Facilitation, QCC or Solicitation mechanisms.

NOTE: At this time Implied Orders are only available on ISE

Contact Us

For more information about Implied Orders, please contact bizdev@ise.com.