ISE Mercury

ISE (International Securities Exchange) Mercury allows the trading of equity and index options. Multi-leg options orders are supported, up to four legs.

• Orders can be placed from 8:00 A.M. to 4:17 P.M. Eastern Time.

In the event of a connection outage between the TradeStation Order Execution Network and ISE, all open orders will remain working in the market as usual.

Order Durations

Day

May be entered between 8:00 A.M. and 4:17 P.M. Eastern.

Orders placed before 9:30 A.M. will become active at 9:30 A.M. Eastern.

Unfilled orders and leaves expire at the end of the DAY session.

IOC (Immediate Or Cancel)

May be entered between 9:30 A.M. and 4:17 P.M. Eastern.

Partial fills will be accepted.

Unfilled orders and leaves expire immediately.

FOK (Fill Or Kill)

May be entered between 9:30 A.M. and 4:17 P.M. Eastern.

Partial fills will not be accepted.

Unfilled orders and leaves expire immediately.

GTC (Good Til Canceled)

May be entered at any time.

Unfilled orders and leaves remain alive, if applicable, across multiple days, for the DAY session until the order is filled or canceled.

Orders have a maximum life span of 90 calendar days.

Orders are canceled if there is a corporate action or reorg. on the underlying symbol of the option traded.

Orders that are partially filled during, and remain that way until the end of, a DAY trading session, will have any remaining leaves automatically canceled.

GTD (Good Til Date)

May be entered at any time.

Unfilled orders and leaves remain alive, if applicable, across multiple days, for the DAY session until the order is filled or canceled.

Orders have a maximum life span of 90 calendar days.

Orders are canceled if there is a corporate action or reorg. on the underlying symbol of the option traded.

Orders that are partially filled during, and remain that way until the end of, a DAY trading session, will have any remaining leaves automatically canceled.

Advanced Settings

Advanced settings for order placement on ISE are:

• All or None
• Trailing Stops
• Activation Rule
• If Touched

Advanced orders are available between 9:30 A.M. and 4:00 P.M. Eastern.

Order Behaviors

• Market orders are matched within ISE if ISE is currently the best bid/ask of the market (that is, "at the inside"). If not, the order is routed using the Intermarket Options Linkage. Any residual volume will not be routed to the next price level until all quotes at the current best bid offer are exhausted.
• Marketable limit orders are matched within ISE if ISE is currently the best bid/ask of the market (that is, "at the inside"). If not, the order is routed using the Intermarket Options Linkage. Non-marketable limit orders are posted to the ISE book. The best bid and offer in the ISE book will be displayed in the Market Depth window (under the ISE market participant ID).
• Stop Market Orders are initially routed to our stop server until triggered. Once triggered, an order routed to ISE will behave as a Market order.
• Stop Limit Orders are initially routed to our stop server until triggered. Once triggered, an order routed to ISE will behave as a Limit order.
• An Immediate or Cancel (IOC) order is matched by ISE at price at or better than the best bid/ask of the market (that is, "at the inside"). Non-marketable orders are immediately rejected, partial fills will be accepted.
• A Fill Or Kill (FOK) order is matched by ISE at price at or better than the best bid/ask of the market (that is, "at the inside"). Non-marketable orders are immediately rejected, partial fills will not be accepted.