On Thursday, ISE announced the launch of its Do Not Trade Through (DNTT) functionality, a new price protection for multi-legged orders. Orders marked as DNTT will only trade either at or better than the National Best Bid or Offer (NBBO) on each leg of the multi-legged order, including option and stock legs.?DNTT orders do not trade through away market prices on any leg.?
ISE is the only exchange to offer this protection for both incoming and resting multi-legged orders.
Boris Ilyevsky, Managing Director, said in a press release, “ISE continues to set the industry standard in multi-legged orders, and the launch of the DNTT feature is another step in providing our members with the best trading functionality and execution quality. With the introduction of DNTT and future enhancements in our pipeline, our goal is to ensure that ISE will continue to remain a leading routing destination for multi-legged orders.”
?Multi-legged orders not marked as DNTT will continue to be eligible to trade through away market prices (up to $.05 on any leg).