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Quantitative Finance · Glossary

What is Intermarket sweep order?

Definition 9.12 Markets I: The Ecosystem and Exchange-Traded Markets · Chapter 9 — US Equity Market Structure

An intermarket sweep order (ISO) is a limit order marked so that the receiving venue may execute it at once without checking other venues’ protected quotations, because the sender has simultaneously routed orders to take out every better-priced protected quotation elsewhere. Compliance with the order protection rule moves from the venue to the sender.

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