SIFMA Submits Comments to the SEC on the ISE-Proposed Rule Change to Amend ISE Rule 722 Regarding Order Types

SIFMA submitted comments to the SEC regarding the International Securities Exchange's ("ISE") proposed rule change to amend ISE Rule 722, with the stated intention to "prohibit certain types of complex orders from legging into the regular market." "Legging" as described in the letter, means "executing against individual quotes for each of the legs of the complex orders in the regular market." In the letter, SIFMA stated that it strongly agrees with the proposal, which SIFMA suggested would eliminate a loophole that "allows market maker quotes to trade beyond their risk mitigation settings in the regular market."

See: SIFMA Comment Letter.