MANOPT can route to CBOE, PHLX, AMEX, NYSE Arca, &MLX.
TNOP/MLXOPT can route to CBOE, PHLX, AMEX, NYSE Arca, & MLX.
GTC orders are available through MLX and CME.
Click here to read about option expirations.
Most ETF and index options trade until 4:02pm or 4:15pm.

**Please note that stop and stop limit orders can be entered during the regular market hours (9:30-4:00) only. Stop orders     that have been triggered (live orders) may not be changed into a different stop order that will return it to a pending     status. Instead, you must cancel and place the order again. You may change the limit price on a live stop limit order.

**Please note that ARCA, BRUT, and ISLD stop orders entered on listed securities can be triggered by quotes outside the     inside market if the best bid and ask are locked or crossed. In securities such as the QQQ's, this can be highly possible due     to the fast market conditions and INET trades.

***Reserve orders cannot be used in conjunction with market orders. This applies to ARCA stop-market and ARCA trailing       stop orders.

****Immediate or Cancel (IOC) orders routed to MLX for ASE listed stocks can be placed on RealTick®, however cancels         cannot be placed on RealTick. We do suggest avoiding these types of orders.

+ Please note that orders routed to OES, MLX, OPTIONS, & MLXOPT may be entered prior to the time the exchanges     these routes support. These exchanges start trading at 9:30 AM EST.

Please note day orders entered after 4:00 PM on ISLD are Immediate or Cancel (IOC).

Please note Changes to the price or quantity on GNET reserve orders results in the entire reserve quantity being displayed. We recommend canceling and re-entering these orders.

All exchange hours are eastern.
To trade stocks on ARCA in the post market, day+ or late must be selected as the expiration.
To trade stocks on INET in the post market, day+ or late must be selected as the expiration.
OTC market orders are not recommended on ARCA.
Day orders on ARCA automatically cancel at 4:00pm with day+ cancelling at 8:00pm.
Day orders on BRUT Cancel at 4:00pm with day + orders cancelling at 6:30pm.
Day orders on BTRD cancel at 6:30pm.
From 6:30pm to 8:00pm ARCA OTC orders only interact with other ARCA orders.
For ARCAX (Listed) market orders, if order is routed outside ARCA to the primary exchange it is there as a market    order, but if the order is routed to a regional exchange or ECN it is delivered as a limit order at the inside price.

9:30 am – 4:00 pm ET
Market orders are matched with the ARCA Book if there is an order(s) at the inside.
If ARCA is not at the inside, the order is routed using ARCA's SmartBook sweep logic.
Any residual volume will not be routed to the next price level until all quotes at the
   current best bid offer are exhausted.

Marketable limit orders are matched with the ARCA Book or are routed to other trading venues    when such venues have superior prices than those available on ArcaEx.
Order is price improved, if available.
Preferenced orders may not be re-routed if a better price appears, unless the preferenced    participant declines your order.
Non-marketable limit orders are posted to the ARCA Book based on price-time priority.
The best bid and offer in the book will be displayed on Nasdaq Level II (MMID=ARCA).

Order is matched with the ARCA Book only if ARCA is at the inside.
Non-marketable orders are immediately rejected.
Order can be filled in whole or part, with the unexecuted portion cancelled.

User defines the displayed quantity while the balance of the reserve remains hidden.
Displayed quantity is automatically replenished from the reserve.
Market participants are preferenced for the quoted size when hitting the bid or taking the offer.
Orders preferenced to ARCA, at sizes greater than the displayed size, will be matched against
   the entire reserve quantity.

A Reserve Order has a limit price, a displayed quantity, and a reserve size that is not displayed
   on the ArcaEx Book, but is electronically accessible.

Order is displayed at your specified price, not your discretionary price.
When a bid or offer appears at or within your discretionary price range, your order will be     matched in ARCA or routed to a Nasdaq market participant at their quoted price using the     SmartBook logic.
A discretionary price can be used in combination with a reserve order.

Short sales are not subject to the bid test when order is matched on ArcaEx Book.
Trades routed to other markets will abide by other market’s short sale rules.
Limit orders will be matched down to the limit price which can potentially be outside the National    Best Bid if routing to an away market would not satisfy that market’s short sale rule.
In a down bid market when the NBB is from an away market with a bid test, Market Orders will be    posted to the ArcaEx Book at the NBB until they are eligible to trade at the NBB or better.

For listed stocks, on a down tick from the last sale, a short sell is offered at
   $0.01 above the last sale.

On an up tick, normal trading occurs.

Order is posted to the ARCA Book but will never be preferenced out.
A PnP order that would lock the market is matched with the ARCA Book is not accepted.

Customer can direct an order to a specific market participant.
Volume that is not filled by preferenced participant is cancelled.

Now orders will be matched with the ARCA Book or routed for execution to a select group of    market participants at their quoted price.
Any residual volume will automatically be canceled if not executed at the quoted price or better.
Now Participants include only those participants that have a direct connection to Archipelago for    receiving orders, automatically execute those orders and can accept IOC orders.
SelectNet will only be used when direct connections are not available.
NOW orders may trade THROUGH better prices since they are routed only to electronic
   contra parties.

             Marketable -

Marketable limit are matched with the ARCA Book or preferenced to market participants using    SmartBook® sweep routing algorithm.
Order Price improved, if available.
Any residual volume will not be routed to the next price level until all quotes at the current best    bid or offer are exhausted.
If the order is routed at a specific price level, any residual volume will not be routed to the next    price level until all quotes at the current best bid or offer are exhausted.

             Non-marketable -

Non-marketable limit orders are posted to the ARCA Book.
The best bid and offer in the book will be displayed on Nasdaq Level II (MMID=ARCA).
If the order reaches a point where the order is no longer marketable, it becomes a regular Limit    Order.

User defines the displayed quantity while the balance of the reserve remains hidden.
Displayed quantity is automatically replenished from the reserve.
Market participants are preferenced for the total reserve size, using SmarBook’s routing    algorithm, when hitting the bid or taking the offer.
Orders preferenced to ARCA at sizes greater than the displayed size, will be matched against the    entire reserve quantity.

User defines the original display quantity and a random reserve value which will be used to    determine the show quantity within a defined range each time it is replenished. For example, a    display quantity of 2000 and a random reserve of value of 200 will randomly display orders at    1800, 1900, 2000, 2100, or 2200 shares.
Setting the random reserve value to zero will send random orders within 20% of the original    display quantity.
Market participants are preferened for the quoted size when hitting the bid or taking the offer.
   Orders preferenced to ARCA, at sizes greater than the displayed size, will be matched against    the entire reserve quantity.

Order is displayed at your specified price not your discretionary price.
Order will only be routed out at the displayed price.
When a bid or offer appears in the ARCA Book at or within your discretionary price range it will be     executed against the book even if the book order is outside the NBBO.


A discretionary price can be used in combination with a reserve order.

Order is displayed at your specified price not your discretionary price.
When a bid or offer appears at or within your discretionary price range, your order will be     matched in ARCA or routed to market participant at the NBBO.
A discretionary price can be used in combination with a reserve order.
Discretionary portion only interacts with orders on the ARCA Book.
Note: Orders in stocks that have not been migrated to the combined platform will continue to be    routed to market participants within the discretionary price range, not just the NBBO.

Order is displayed at your specified price not your discretionary price.
When a bid or offer appears at or above your share quantity minimum your order will be matched    in ARCA or routed to Nasdaq market participant at their quoted price using SmartBook logic.
User defines Limit Price, Discretionary Price, and a Discretionary Limit quantity.
The Discretionary Limit Order is a means to only go to away markets and book orders at a    discretionary price if their size satisfies or exceeds the size requirement on a quote per quote    basis.
Discretionary Limit orders can be used in conjunction with Reserve Orders.

Orders are Limit Orders that move up or down depending on the change in the current NBBO bid    or offer.
Order price will track the national best bid, midpoint, or offer.
A Pegged Order can be entered with an offset (+ or -).
Pegging to the best offer (best bid) on a buy (sell) order requires a negative offset value    (positive offset value) to be entered.
Pegged Orders can be used in combination with reserve and/or discretionary order.
Sell Short Pegged Orders are also allowed and are subject to the appropriate bid/tick test.

A market order that is to be routed as a market-on-open order to the primary market for    participation in the primary market opening or re-opening process.

Any order to buy or sell that has been directed by the trader to a particular
   Market Maker.

Similar to an IOC except a message is sent to the order sender’s designated Market Maker,    providing notification of the trade status.

An order with a price that tracks the national best bid or offer. This order is
   not displayed.

INET only accepts Limit Orders. All orders are matched based on strict price-time priority without    regard to the number of shares or the identity of the person entering the order.

Terra Nova offers stop limit orders on INET. Once Stop price is triggered, order becomes
   a Limit Order and will be matched against another INET order if there is one at Limit price
   or better.

INET’s top orders are also represented in the NASDAQ National Best Bid/Offer display. INET now    represents their best orders through the Cincinnati Stock Exchange (CSE). These orders display    as “CIN” instead of “ISLD.”

Will first check the Brut Book to see whether a Brut Order represents the inside of the market.
When Brut is at the inside, the order will cross within Brut.
Any remaining shares are routed via the Brut Liquidity Finder to an alternate destination that is    representing a quote at the inside of the market.
Never pays through the NBBO, order will always get done (unless the customer cancels it)

Will first check the Brut Book to see whether a Brut Order represents the inside of the market.
When Brut is at the inside, the order will cross within Brut.
Any remaining shares are routed via the Brut Liquidity Finder to an alternate destination that is    representing a quote at best available price.

Once Stop price is triggered order follows the same logic as Market Order, crossing within Brut    when they represent the inside market or routing via the Brut Liquidity Finder to an alternate    destination that is representing a quote at the inside of the market when Brut is not at NBBO.

Once Stop price is triggered, order becomes a Limit Order.
Will first check the Brut Book to see whether a Brut Order represents the inside of the market.
When Brut is at the inside, the order will cross within Brut.
Any remaining shares are routed via the Brut Liquidity Finder to an alternate destination that is    representing a quote at best available price.

Pre-market session lasts from 8:00–9:30 am EST.· Post market session lasts from 4pm–8pm EST.

Here are some scenarios about who gets price improvement in various scenarios for
your trading on Brut:


Subscriber vs. Street? (Bid by subscriber at 10.10, Non-customer sends sell to Brut at 10.08, who    gets the price improvement?).
This is a SelectNet/SuperMontage scenario. The Street gets the price improvement.
Will the above price improvement scenario still apply to the SM environment? Yes.
Subscriber vs subscriber- (Bid by subscriber at 10.10, another subscriber then puts in an offer at    10.08, who gets the price improvement?). The taker gets improved to 10.10.

Pegged Bid is a Limit Order that moves up or down when the inside Bid fluctuates.
A Pegged Bid can be entered with no offset or a positive offset.
Brut Pegged Orders are always constrained to the Brut Book and do not seek liquidity on the    street.
Pegged Orders can be used in combination with reserve orders.

Pegged Offer is a Limit Order that moves up or down when the inside Ask fluctuates.
A Pegged Offer can be entered with no offset or a negative offset.
Brut Pegged Orders are always constrained to the Brut Book and do not seek liquidity on the    street.
Pegged Orders can be used in combination with reserve orders.
Sell Short Pegged Orders are allowed and are subject to the appropriate bid test.

Order is either matched against BTRD quotes or routed to other Market Participants

Order is either matched against BTRD quote or routed to other Market Participant to be executed    at your price or better.

Once Stop price is triggered, order becomes a Market Orders.

Once the Stop price is triggered, order becomes a Limit Order.

Bloomberg Tradebook orders offer access to multiple sources of liquidity. This includes Nation    Quote Montage, general order flow across the NASDAQ system, individual market makers, other    ECNs and the ability to access and trade with non-participant orders.

Orders cannot be placed in increments of less then .01.
Maximum NYSE order 99,099 for limit; 30,099 for market.
Maximum AMEX order 30,099 for both limit and market.
Market on Open are available on MLX by selecting MOA Only as your expiration. These orders are accepted up until    the NYSE Open at 9:30 a.m. ET.

Market on Close (MOC) and Limit on Close (LOC) orders, must be entered by 3:40 p.m. ET.
Clients shall not trade odd lot orders intra-day or engage in any practice or pattern of activity that would suggest    day trading.
Clients shall also refrain from entering orders in any manner which is intended to circumvent the round lot auction    market.

SuperMontage is an automatic execution system for the Nasdaq Stock Market for both Nasdaq    National Market® (NNM) and SmallCap Stocks.
Maximum order size is 999.999 shares for auto-execution.
Use by selecting “SOES” route.

Price/Time: Default setting that will execute trades based on best price, but when equal price will    execute the first order entered.
Price/Time w/fee Consideration: Order Executes against best price. When prices are the same,    order will execute against participant with lowest execution fee.
Price/Size: Execute at best price. When multiple orders are at the same price, then will execute    order with largest size.

Non-Directed Orders are similar to the former SuperSoes system, a trader enters the order and    SM will execute against Market Participants at the best price. It will sweep Displayed Quotes of    Multiple MP's, if can't be filled by one. After displayed quotes have been exhausted it will access    reserve size.
Non-Directed Orders are liability orders up to 999.999 shares.
Odd lot & Mixed Lot orders will be displayed in as round lots, but will execute against
   actual shares.
Minimum quote size for Reserve Orders is 100 shares.

Directed Order's offer a modified version on SelectNet. MP's can opt to accept Directed Liability    Orders (SM will identify this) and they will honor the price and size of quote.
If a MP doesn't opt to accept Directed Liability Orders, then the order follows the current    SelectNet Non-Liability (Negotiation) rules requiring it to be oversized, AON, MAQ, or priced    inferior to their quote. When a MM receives this type of order they can accept, partial, counter,    or decline.

Preferenced orders will be placed in the non-directed order process to a MM on the inside    Bid/Offer and the system will automatically execute (or deliver) up the displayed & reserve size of    the MP.
Non-executed portions will be returned to the order entry party.

ECNs have an option to participate as an auto-execution or delivery participant. If they accept    delivery, a matched order will be delivered to the ECN and ECN's quote will be decremented by    the order size.
ECN's are obligated by rule to respond (e.g. accept, decline) to the delivered order within 5    seconds upon receipt.
SuperMontage will reintroduce the delivered order to other available quoting participant(s) if    ECNs do not respond within 30 seconds, meaning that delivery is timed out.
Order's time out in 30 seconds. Once timed out if the order is still marketable it will be re-routed    or if non-marketable the order will be rejected.
SelectNet will be available for Pre- and Post-Market Trading.

8:00 am – 6:30 pm ET
Maximum order size is 999,999 shares.
Market Makers are required to execute orders at least as favorable as its published quotation, up to the published    quote size.
During regular market hours, SELECTNET is a non-liability (Negotiation) execution system.
Orders placed via SelectNet must be 100 shares greater than displayed quote and designated as AON or    prices .01 below the offer for a buy or .01 above the bid for a sell.
Must wait 10 seconds to cancel an order on SelectNet.
Selectnet orders do not post, therefore you will not see yourself being represented on level 2.

Market orders function differently on Globex than the customer may realize.
A Globex market order matches against the best opposite side when received at the Globex    matching engine.
They operate as 'market with protection orders', with certain 'protection points' within which an    order can execute.
These protection points are currently set to zero, so when a market order is entered and the    quantity available at the best opposite side is not enough to satisfy the order, the market order    becomes a limit order at the price of initial execution for the remaining unfilled balance of the    order. Thus, while a customer will usually receive a fill when entering a market order, there is no    guarantee that their entire order will be filled.
Starting January 30th, 2007, the protection points for market orders will be set to 150% of the    'no-bust' range, which is the range within trades will not be broken for any reason. This also    currently equates to 75% of the Globex product 'price bands', the range in which marketable limit    orders are accepted. This means that rather than convert to a limit order at the price of initial    execution, market orders will be allowed to execute within a defined range from the inside spread    indicated when the order was entered.

Are processed on a price/time priority once received by the Globex matching engine.

Stop Market, Stop Limit and Trailing Stop orders are supported.
Trailing Stop orders are not supported outside of regular market hours (8:30am -3:00pmCT). This    also applies to the CBOT route.
The market portion of this stop will follow the same execution rules as the market with protection    market order.