BOLDTM (Broadcast Order Liquidity Delivery Mechanism)
Broadcast marketable orders on NYSE’s XDP Feed for additional execution opportunities on the NYSE American Options Exchange prior to routing, cancelling, or posting on the American Options Consolidated Book.
How it works
When an eligible BOLD-designated order is received, the Exchange will broadcast the order details via a Request For Quote (“RFQ”) over the NYSE American Options’ XDP Feed.
The RFQ will notify participants of the series, price, side, and size of the BOLD-designated order.
The BOLD Timer will initiate, giving Exchange Participants a brief period of time to submit orders and/or quotes to interact with the BOLD-designated order.
If the BOLD Timer expires without any response or the BOLD-designated order is not satisfied to its full size, the BOLD-designated order or any remaining interest will be routed, cancelled or posted to the American Options Consolidated Book in accordance with the order specifications.
Key benefits and features
More Opportunity - BOLD allows Participants the opportunity to source additional liquidity on the American Options market for their marketable orders.
Additional Control - BOLD provides Participants additional control of their execution experience including where orders execute, and can help avoid routing fees on applicable orders.
Maximum Flexibility - BOLD is optional functionality that can be applied on an order-by-order basis giving Participants maximum flexibility for use.
BOLD session default instructions (available for CGW)
To configure a default FIX session, submit an NYSE Gateway Session Request Form to the NYSE Connectivity team providing the preferred BOLD instruction.
Upon receipt of the Form, the configuration request will be completed for the following business day.
NYSE American Options will BOLD all eligible orders from the configured session with no additional development work needed.
Clients may opt-out or override the default BOLD session on an order-by-order basis.