Effective with the start of trading for trade date Monday, January 5, 2015, the Exchange is implementing amendments to Crossing Order procedures that will standardize the waiting period for Crossing Order at five seconds for all Exchange futures and options contracts.
Under Exchange Rules, all orders that result from Pre-Execution Communications must be executed via the entry of a Crossing Order (“CO”) containing the relevant details of the orders.
Entry of the CO triggers a Request For Quote (“RFQ”) in the related futures or options contract/structure, and also triggers an automatically timed waiting period during which other market participants may enter orders in response to the RFQ; at the end of that waiting period, the CO will be evaluated against the order book for execution in the trading platform.
Prior to implementation of this change that waiting period is fifteen seconds for the Exchange’s agricultural, precious metal and USDX option contracts, and five seconds for all other option contracts and for all futures contracts.
Upon implementation of the change, the waiting period will be five seconds for all Exchange future and options contracts.
Detailed information on Rules and procedures for Pre-Execution Communications and Crossing Orders can be found online at: https://www.theice.com/publicdocs/futures_us/Pre_execution_Communication_FAQ.pdf.