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Regular Orders New Orders Orders Limited to Floor Participants FAQs

 
New Order Types
 
Electronic Cross, Auction Cross
An Electronic Cross or Auction Cross is a single order comprising a buy and a sell order for a single give up. Its behavior is determined by the variants and conditions put on the cross by the sender. This order type is for ETFs and NASDAQ UTP Securities only and is detailed in a separate section: see Electronic Crosses.

An Electronic Cross and Auction Cross order may be submitted by an off-floor participant or a Floor Broker.
An Electronic Cross and Auction Cross order may only be sent to the AEMI order book.

Hit or Take (HoT)
A Hit or Take order is an order that trades at the best available bid or offer at Amex and then expires. It is similar to an immediate-or-cancel order but all or part of a HoT order may be sent out to satisfy an away protected quotation.

A HoT order may be submitted by any off-floor participant or Floor Broker. Specialists and Market Makers also have the HoT feature on the AEMI front end, allowing them to hit the Amex published bid or take the Amex published offer, where regulations so permit.

Intermarket Sweep
An Intermarket Sweep Order (ISO) is an immediate-or-cancel order received from a member or trading center in order to fulfill RegNMS obligations. The order is traded by the receiving market center irrespective of better prices elsewhere, and may sweep the book at multiple price points to its limit price.

An Intermarket sweep order may be submitted by an off-floor participant, a trading center or through ITS.
Intermarket sweep orders may only be sent to the AEMI order book.
Amex will also send out ISOs in order to fulfill its obligation under Reg NMS.