ISE Implements "Kill Switch" Functionality
On Wednesday, the International Securities Exchange (ISE) announced the implementation of its electronic "Kill Switch" functionality in PrecISE Trade®, its front-end execution system.
The Kill Switch has previously been available for exchange members connected to ISE through either a Direct Trading Interface (DTI) or FIX connection. By expanding the functionality to PrecISE, this segment of ISE's membership can now Switch to cancel all open orders and prevent new order submissions for expanded risk management.
In addition, if either a DTI or FIX user cannot access their system during a session, PrecISE acts as an alternative means of enabling the Kill Switch.
Boris Ilyevsky, Managing Director of ISE's Options Exchange said via a press release, "The launch of the Kill Switch in PrecISE further equips our member firms with a real-time risk management tool and gives them additional control over their ISE order activity.
This latest feature is another safeguard as we look to provide our member firms with a complete set of risk management tools so that they have the utmost confidence when providing liquidity or sending order flow to our exchange."
The Kill Switch can be configured to affect an entire member firm, specific trading desks in a member firm or specific sessions within a trading desk. It can also be manually triggered by ISE's Market Operations department per member request.
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