The International Securities Exchange (ISE) has launched a new Step Up and Match feature for facilitation and price improvement mechanism (PIM) orders.

According to ISE, these orders are exposed to all its market participants who may respond to participate with the order during a one second auction.

The Step Up and Match functionality will allow firms originating the order to step up and match the best price achieved during the auction or up to a specific limit price.

ISE options exchange managing director Boris Ilyevsky said that the company is very excited to offer the Step Up and Match feature to its members.

“This functionality provides our members with higher and more flexible participation with orders they bring to our exchange while also providing price improvement for their customers,” Ilyevsky said.