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The Amex is offering new electronic cross order types in ETF and NASDAQ UTP securities. The new electronic cross orders will be available to on-floor brokers, and to off-floor members who connect to AEMI directly via FIX. The new electronic cross orders supplement the existing crosses transacted by Floor Brokers in all Amex listed products.
A cross order comprises a buy and a sell order, which must be of equal size and for the same give-up. The sender of the order establishes the conditions and qualifiers of the order. These predefined parameters determine the behavior of the cross relative to the NBBO, the Amex Published Quote (APQ), and any balance that could not be crossed. Cross order types may interact with existing orders on the AEMI book and/or be subject to away market obligations. Cross order exceptions, such as "Cross only", designate that the cross should be completed or rejected. An "Auction cross" is a specific cross order type that seeks price improvement by one or both sides of the cross being exposed to the market place on the AEMI book for three seconds. If no price improvement is forthcoming, the cross takes place at the designated price.
The available cross order types are listed below.
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