Professional Order definition
Professional Order. ’ means an order that is for the account of a person or entity that is not a Priority Customer. See ISE Rule 100(37C).
Professional Order means an order that is for the account of a person or entity that is not a Priority Customer.
(a) Calculation of Professional Orders. With respect to computing the number of orders in listed options per day on average during a calendar month for its own beneficial account(s), the following shall apply:
(i) Each order is counted toward the number of orders, regardless of the options exchange to which the order was routed in determining Professional Orders.
(ii) A cancel and replace order which replaces a prior order shall be counted as a second order, or multiple new orders in the case of Complex Order comprising 9 options legs or more, including "single-strike algorithms" which track the Best Bid and Offer ("BBO") or National Best Bid and Offer ("NBBO"). A cancel message is not an order.
(iii) Complex Orders consisting of 8 legs or fewer will be counted as a single order, and respecting Complex Orders of 9 options legs or more, each leg will count as a separate order. Stock orders shall not count toward the number of legs.
(iv) An order that converts into multiple subordinate orders to achieve an execution strategy shall be counted as one order per side and series, even if the order is routed away. An order that cancels and replaces the resulting subordinate order and results in multiple sides/series shall be counted as a new order per side and series. An order that cancels and replaces the subordinate order on the same side and series will count as one order. For purposes of counting customer orders, if one customer order on the same side and series is subsequently broken-up by a broker into multiple orders for purposes of execution or routed away, this order will count as one order.
Professional Order means any professional order listed in Schedule I to the Geologists’ Act and the Professional Code of Quebec;
Examples of Professional Order in a sentence
Professional Orders and Market Maker quotes participate in the execution of the Agency Order based upon the percentage of the total number of contracts available at the best price that is represented by the size of the Professional Order or Market Maker quote.
Customer agrees to pay, at the per Connect price specified in said Professional Order Form, for any excess Connects consumed in any License Month by any Named User.
Thereafter, Responses, quotes and Professional Orders at the facilitation price will participate in the execution of the facilitation order based upon the percentage of the total number of contracts available at the facilitation price that is represented by the size of the Response, Professional Order or quote.