Options Exchanges & Order Routing

Order Routing on Options Trades Offers Flexibility, Speed, and Control.

Options traders get Direct Access Trading on their single and multi-leg orders. Send orders directly to the exchanges, increasing the likelihood of getting your order filled, and improving order execution speed.

Get Direct Access Trading on single and multi-leg orders.

Self-direct your options orders to the exchange of your choice. Also place orders before the market opens to improve the chances of getting your order filled

Options Exchanges Available:

  • BATS Options Exchange (BATS)
  • BOX Options Exchange (BOX)
  • C2 Options Exchange (C2)
  • Chicago Board Options Exchange (CBOE)
  • International Securities Exchange (ISE)
  • NASDAQ OMX BX Options (NOBO)
  • NASDAQ Options Market (NOM)
  • NYSE Amex Options (NYSE Amex)
  • NYSE Arca Options (NYSE Arca)

Take advantage of intelligent order routing.

Take advantage of Smart intelligent routing when the market is moving fast or when all prices are the same. Smart option orders find the best exchange to send an order. If that exchange does not have enough quantity to fill the entire order then, it will sweep the option exchanges (using sub-orders) up to their displayed size at the specified price or better. If there are any contracts remaining then a final smart order will get sent to the exchange most likely to execute the order. In determining the best exchange(s) the Smart order considers the following 7 criteria:

  1. Quote Price
  2. Quote Size
  3. Avoid exchanges disseminating quotes identified as "non-firm"
  4. Auto-Execution Status
  5. Volume traded so far that day
  6. Quote Age
  7. Default exchange ranking based on historical exchange quality
  • Let our smart order routing determine which exchange(s) have the best potential for order execution in fast moving markets.
  • Large orders will automatically be split into smaller lots and sent to multiple exchanges if necessary.

Automated Order Routing

  • Act fast, wherever you are.
  • Automate order entry for potentially faster, easier executions.
  • Send alert-generated (market condition based) options orders from almost any tool.

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