Decentralized Linkage Program

Decentralized Linkage Plan

Decentralized Linkage is the replacement for the Options Linkage Plan and the OCC Linkage Hub. Under the Linkage Plan participant exchanges used OCC (OCC Linkage Hub) for order routing. Under the Decentralized Linkage plan, exchanges will utilize private routing. Decentralized Linkage addresses issues including locked/crossed markets, trade-throughs and the introduction of Intermarket Sweep Orders (ISO).

At this time, Decentralized Linkage participants include:

• Boston Options Exchange, Inc. (BOX)
• The Chicago Board Options Exchange, Inc. (CBOE)
• The International Securities Exchange, LLC (ISE)
• NASDAQ Options Market (NSDQ)
• NASDAQ OMX PHLX (PHLX)
• NYSE AMEX LLC (AMEX)
• NYSE Arca, Inc.

Options Order Protection and Locked/Crossed Market Plan

Decentralized Linkage - The Options Order Protection and Locked/Crossed Market Plan and amendments are below. Please direct any questions to the U. S. Options Exchanges.

• Options Order Protection And Locked/Crossed Market Plan (PDF) - Updated 08/14/2009

This web site discusses exchange-traded options issued by The Options Clearing Corporation. No statement in this web site is to be construed as a recommendation to purchase or sell a security, or to provide investment advice. Options involve risk and are not suitable for all investors. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options. Copies of this document may be obtained from your broker, from any exchange on which options are traded or by contacting The Options Clearing Corporation, One North Wacker Dr., Suite 500, Chicago, IL 60606 (1-888-678-4667).

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