The stock leg of these orders will now be able to access liquidity at Deutsche Bank, Getco, Instinet LLC and Knight, in addition to ISE's existing routing capabilities to ConvergEX. The addition of multiple venues for stock execution will enhance the fill rate and execution quality for multi-legged options orders with stock, such as buy-writes and delta neutral orders. ISE currently supports multi-legged orders of up to eight options legs and one stock leg.
Boris Ilyevsky, Managing Director of ISE's options exchange, said, "The addition of new venues to source liquidity for the stock component of buy-writes and delta neutral orders will substantially improve the execution quality of these orders. ISE already offers industry-leading capabilities for trading multi-legged strategy orders, and this latest enhancement demonstrates our commitment to continually improve upon our offering."

With this unique smart routing capability now live, member firms are able to select one or more destinations for their stock leg execution and to specify the routing priority to these venues, or alternatively, ISE will automatically prioritize destinations on their behalf. ISE is currently the only options exchange to offer this range of choice and flexibility for the stock leg execution component of strategy orders.