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Implied options are available on demand for a configurable time interval during a market’s trading session. Implied functionality for options is triggered by an RFQ (customer-initiated or engine-generated) for that instrument, and implied matching is available for the duration of the time interval.

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  • Implied IN: Two customer outright orders create an implied order in the spread book.
  • Implied OUT: Customer spread and outright orders create an implied order in an outright book.  

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Table of Contents

Product Availability

  • An instrument is implied eligible if the market data Security Definition message (tag 35-MsgType=d) contains tag 872-InstAttribValue bit 19-Implied Matching Eligible=1.
  • Recognized User Defined Spreads (UDS) are eligible for Options Implied Functionality if the market data Security Definition message (tag 35-MsgType=d) contains tag 872-InstAttribValue bit 19-Implied Matching Eligible=1.

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