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U.S. Options

ISE Mercury

Delivers competitive Priority Customer rebates and a full suite of auction and crossing orders.

ISE Mercury

ISE Mercury is a customer priority, pro rata allocation exchange and offers customer priority with Market Makers, preferenced orders and pro rata allocations. ISE Mercury will be migrated to Nasdaq’s best-in-class, performance-driven INET technology in Q3 2017.

ISE Mercury follows a classic or traditional fee model where customers receive marketing fees/rebates and non-customers pay fees.

Features

  • Price Improvement: Only available on ISE Mercury, the Member Volume Program (MVP) provides aggressive Priority Customer rebates which are retroactive to the first contract traded.
  • Routing Strategies: Orders can be marked with the option of Flash and Route, Flash and Do Not Route (DNR), and do not Flash do not Route.
  • Full Suite of Auction and Crossing Orders: ISE Mercury offers price improvement mechanism (PIM), facilitation, solicitation, and Qualified Contingent Cross (QCC) order type.
  • Market Maker Appointments: There is no charge for market maker appointments.

Products

ISE Mercury lists all of the industry’s most active options classes. Nasdaq’s options exchanges unique market structure and technology fosters deep and liquid markets with competitive prices.

Risk Management

Comprehensive risk management features are built into ISE Mercury’s trading technology and include the following protections.

FeaturesDescription
Market Wide Speed Bump
  • Inactivates quotes and prevents any quotes from being activated.
  • Triggered based on a value, which is defined as the number of curtailment events within a specified time period across the entire market.
  • Value defined by the Market Maker and implemented by Market Operations.
  • Threshold established and calculated for ISE Mercury independently.
  • Quote reactivation and re-entry into the market requires contacting Market Operations.
Cross Market Wide Speed Bump
  • Inactivates quotes and prevents new or existing quotes from being activated.
  • Triggered based on a value, which is defined as the number of curtailment events within a specified time period across the entire market.
  • Value defined by the Market Maker and implemented by Market Operations.
  • Threshold established and calculated for ISE Mercury independently.
  • Quote reactivation and re-entry into the markets requires contacting Market Operations.
  • Optional for all Market Makers.
  • Supplements existing MWSB feature required for Market Makers on each exchange individually.
Price Limit CheckCore Functionality: Simple Orders entered through the exchange BBO by the greater of $1.00 or 1% during the regular market trading state are rejected.
Cancel on Disconnect (FIX and DTI connections)Cancels all orders open in the market on disconnect.
Vertical Spread CheckCore Functionality:
  • Vertical spreads entered with a negative limit price will be rejected.
  • Vertical spreads are prevented from legging in to regular quotes if the net trade would result in a negative price.
Spread Trade Through LimitCore Functionality: A spread will not trade through the NBBO by more than $0.05 per leg of the complex strategy.

Connectivity

ISE Mercury will be migrated to Nasdaq’s INET technology in Q2 2017.

For more information on ISE Mercury Market Data products and services, please contact Nasdaq Subscriber Services or call +1 212 231 5180.


Market Data

ISE Mercury will be migrated to Nasdaq’s INET technology in Q2 2017. For more information on ISE Mercury Market Data products and services, please contact Data Sales.

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