Nasdaq ISE (ISE) and Nasdaq MRX (MRX) Complex Orders

Innovative technology for all market participants to trade smarter by providing efficient and liquid markets for multi-legged strategies.


This fully electronic order book offers immediate spread execution in over 3,000 products. ISE and MRX provide additional venues for sourcing liquidity for the equity leg of Stock-Option Orders and QCC with Stock Orders including buy-writes and delta neutrals.


ISE and MRX Complex Order spreads offers:

Options Only:

  • Interaction with ISE and MRX Complex and Regular Order Books 
  • Exposure Auction Orders      
  • Facilitation Orders     
  • Solicitation Orders     
  • PIM Orders    
  • Customer-to-Customer Cross
  • Qualified Contingent Cross   


Tied to Stock:

  • Interaction with ISE and MRX Complex Book
  • Exposure Auction Orders
  • Facilitation Orders
  • Solicitation Orders
  • PIM Orders
  • Customer-to-Customer Cross
  • Qualified Contingent Cross with Stock



  • Automatic Execution
  • Access to the ISE and MRX Complex Order Book spreads
  • Legging into the regular order book (options-only strategies) without leg-in risk
  • Implied Orders enable additional interaction with the regular order book
  • Execution of equity legs of Stock-Option Orders via Cowen (formerly Convergex)
  • Execution of equity legs of QCC With Stock orders at multiple venues


ISE and MRX Complex Order Features:

  • Price/time allocation
  • Up to 10 legs, including stock
  • Max ratio for options legs 3:1
  • Max options-to-stock ratio 8:1
  • Orders and executions in pennies
  • Market and Limit Orders
  • IOC, FOK, Day, GTC, GTD, Opening Only Orders
  • Preferenced Orders
  • Attributable Orders
  • Spread Auctions
  • Post trade allocation, including stock leg PTA/give-up
  • Stock-Option Orders available for all equity symbols
  • Combo market data feeds


Price Protections

Do Not Trade Through (DNTT) Functionality

DNTT orders will not trade through away market prices on any leg. DNTT orders trade at or better than NBBO on each leg (both option and stock legs). Orders not marked as DNTT will continue to be eligible to trade through away market prices (up to $0.05 on each leg).


DNTT orders:

  • Are allowed for options-only Complex Orders and Stock-Option Orders, including exposure (Complex Auction Orders)
  • May be Limit Orders or Market Orders, any time validity, and any client category
  • May be modified, including changing DNTT to non-DNTT, and vice versa
  • Are reflected in top of book market data messages, including total DNTT size and total DNTT market order size
  • Will rest on the complex order book (excluding IOC or FOK orders) until executable


Spread Price Protections

ISE and MRX offers price protections for vertical and calendar spreads.

*Sell (Buy) market orders (and limit orders entered at a price within the range) can leg into the simple order book at a price higher (lower) than the maximum (minimum) protection range.



Execution fees for Complex Orders set forth in ISE and MRX fee schedules apply to options legs as well as the equity leg of Stock-Option Orders that trade in the complex order book. Additional charges for stock executions are billed on your ISE and MRX monthly statement. Rate per share, per side may be found on the ISE Official Fee Schedule and MRX Official Fee Schedule respectively.


Additional fees may apply and be billed by the equity venue (e.g., SEC Section 31 fees, NASD Trading Activity fee).


Stock-Tied Order Submission

ISE and MRX support routing the equity leg of Stock-Option Orders to Cowen, and the equity leg of QCC with stock orders to Cheevers, Libucki, and Fog.


If you are not yet enabled for ISE and MRX tied to stock functionality, or if you are enabled but wish to request additional routing destinations, please complete the ISE and MRX Stock Routing Authorization Form. The form will require certification that the requesting firm is a member of the venues requested on the form and has submitted the documentation required by each venue. Please contact Membership for more information.


Once Nasdaq and the requested stock routing venues have reviewed and approved the required documentation, your firm can be enabled for Stock-Option Orders and QCC with Stock Orders. Note that an additional software download is not required for Nasdaq Precise users: Stock-Option and QCC With Stock Orders may be entered into Precise using the With Stock Order ticket.



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