| BBO Intermarket Sweep Order
(“BBO ISO”) .
|A Reg NMS order type, which executes without
regard to the NBBO because the firm sending the order has satisfied
the protected quotations of other markets. If the order is marked
IOC, any unexecuted balance of the order is cancelled back to
the sender; if the order is not marked IOC, any unexecuted balance
of the order is placed in the Matching System. (The balance
of the order can be displayed, if it is at the top of the book,
because the Matching System assumes that the order-sender has
satisfied the protected quotations of other markets)
||An order, submitted by an institutional broker, that meets
the requirements of Reg NMS Rule 611(b)(7). A benchmark order
is executed at a price that is not based on the NBBO –
the SEC has identified a VWAP order as an example of a benchmark
order. Benchmark orders execute without regard to the NBBO,
but must clear the Matching System.
|Cancel on Halt
||An order that should be automatically cancelled
by the Matching System if a trading halt is declared on the
Exchange in that security.
A CHX Only Order will be assigned a Reg NMS and Reg SHO compliant match price and a Reg NMS and Reg SHO compliant display price by the Matching System; i.e., the order price will "slide" to accommodate the current state of the market. The match price will always be equal to or better than the orders limit price and, once assigned on order receipt, will not change. The display price assigned on receipt will either equal the match price or be one trading increment better than the match price. Subsequent NBBO changes may cause the order's display price to adjust so that it equals the match price. CHX Only orders must be fully displayed limit orders. Hidden and reserve orders cannot be designated as CHX Only orders.
||An order to buy and sell the same security at a specific price
that is better than the Exchange’s displayed BBO and,
where required by the ITS Plan, another linkage plan or Reg
NMS, equal to or better than the NBBO.
|Cross with satisfy
||An order designed to provide a participant
with an efficient mechanism for (a) clearing out displayed orders
in the Matching System that would otherwise have time or price
priority (and/or displayed bids or offers in other market centers
that would have price priority) and then (b) effecting a cross
transaction at that price. [Available at a later date.]
|Cross with size
||A cross for at least 5,000 shares and for a value of at least
$100,000 that is at a price equal to or better than the Exchange’s
displayed BBO (and, where required by the ITS Plan, another
linkage plan, or Reg NMS, equal to or better than the NBBO),
where the size of the cross transaction is one round lot larger
than the aggregate size of all interest displayed in the Matching
System at that price. A cross with size is not required to be
an agency cross; it can represent interest of one or more participants
of the Exchange. The Matching System is designed to execute
any type of cross order (except a cross with yield, a non-regular
way cross or an ISO cross) as a cross with size, if the order
meets the requirements for a cross with size.
|Cross with yield
|Like a cross with satisfy, but for use when
a participant (or the participant’s customer) wants to
yield interest in an order 1) to displayed orders that would otherwise have time or price priority or 2) to all interest in
the Matching System (including undisplayed orders and the undisplayed portions of reserve size orders.
|Do not display
||An order, for at least 1,000 shares when entered, that should
not be displayed in whole or in part, but that is eligible for
execution within the Matching System.
|Do not route
||An order that can be executed or displayed
within the Matching System, but cannot be routed elsewhere.
|Fill or kill (FOK)
||An order that is to be executed in full at or better than
its limit price, but that should be immediately cancelled if
it cannot be executed in full. These orders may be executed
at one or more different prices against orders in the Matching
System, including any reserve size or other undisplayed orders.
|IOC market/marketable limits
||IOC orders will be executed against any orders
at or better than the Exchange’s BBO, including any reserve
size or other undisplayed orders at or better than that price,
with any unexecuted balance to be immediately cancelled. IOC Market orders will not be accepted in either the Early or Late Trading Session.
||Any type of cross order that is to be handled as an ISO (i.e.,
executed without regard to the NBBO, because the participant
sending the order has satisfied the protected quotations of
||This order will execute at the midpoint between the NBBO.
If the NBBO is locked at the time a midpoint cross is received,
the order will executed at the locked NBBO. If the NBBO is crossed
when the order is received, the order will be automatically
|Non-regular way cross
||A cross designated for non-regular way settlement.
This order will execute without regard to the NBBO or any other
orders in the Matching System and can represent the interest of
one or more participants in the Exchange.
||A cross transaction that executes at the opening price. For
securities listed on the NYSE, Amex or any exchange other than
Nasdaq, the opening price will be the primary market opening
price. For Nasdaq-listed securities, the opening price will
be the midpoint of the first unlocked, uncrossed market that
occurs on or after 8:30 a.m. Special rules apply for Nasdaq-listed
securities on the date of an IPO.
||An outbound ISO will allow an Exchange participant
to execute an order on the Exchange without regard to the protected
quotations at other markets while simultaneously routing ISOs
to those other markets to execute against their protected quotations.
[Available at a later date.]
An order that is to be posted on the Exchange and not routed away to another trading center. A Post Only order will be immediately cancelled if it is marketable against a contra-side order in the Matching System when entered.
|Post Only ISO
A type of ISO order that will be immediately cancelled without execution if it is marketable against a contra-side order in the Matching System when entered. If a Post Only ISO is not immediately cancelled as described in the previous sentence, it will be posted on the Exchange at the entered limit price. By entering a Post Only ISO, a Participant represents that such Participant has simultaneously routed one or more additional limit orders marked “ISO,” as necessary, to away markets to execute against the full displayed size of any protected quotation for the security with a price that is superior or equal to the limit price of the Post Only ISO entered in the Matching System. Consequently, a Post Only ISO order will be quoted by the Exchange regardless of whether it will lock or cross another market center’s quote.
||An ISO that can execute against any eligible orders in the
Matching System, through multiple price points.
|Reserve size orders
||These orders permit a participant to identify
a portion of an order to be displayed and a portion that should
remain undisplayed, and to provide an instruction that the displayed
portion should be refreshed to the original display quantity
whenever the displayed share size falls below a specific threshold.
|Sell short and short exempt
||Sell orders marked “short” or “short exempt”
under Rule 200(g) of Regulation SHO.
|Time in force
||An order that is eligible for execution within
a specified time period, with any unexecuted balance to be immediately
cancelled when this period expires. The Matching System initially
will permit participants to identify any time period of a minute
or a multiple of a minute as the “time in force”
for a particular order. In later upgrades to the Matching System,
participants can identify an order’s “time in force”