International Securities Exchange, the US options platform owned by Deutsche Börse, has begun offering orders which do not feed into the US National Best Bid or Offer (NBBO) scheme for options trading.
The US Securities and Exchange Commission designed the NBBO scheme to guarantee that options traders would always be able to trade at the best price available on any regulated options market.
The new Do Not Route (DNR) orders allow ISE’s customers to indicate that they want to cancel their options orders rather than have them routed to another exchange if the NBBO price is not at ISE.
The move brings...