Order Types

Order Types/Conditions	Brief Description
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)
Benchmark	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.
Cross	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.
ISO Cross	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 other markets).
Midpoint cross	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 cancelled.
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.
Opening cross	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.
Outbound ISO	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.]
Price-penetrating ISO	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” in seconds.

Please note that this list of order types provides only a general description of the orders that will be accepted by the Exchange’s Matching System. Article 20 of the Exchange’s rules provides additional information about each of these order types and about the operation of the Matching System in general.