By leveraging both displayed and non-displayed order types on the Ballista ATS, traders may choose the visibility level best suited to their risk profile.

TRANSACTION TYPES
Volatility (Delta-Neutral) Transaction - traders may enter block orders of up to (3) listed option components, and (1) additional stock component, with the stock component an equal delta hedge to the options being traded. All legs are traded contingently as a set, with the trader having no leg or partial package risk. Minimum order size is 500 contracts.

Directional (Non-tied) Transaction orders may also be entered for up to (3) option legs (NO stock component). Orders for individual option legs or option spread strategies may only be entered within the current NBBO, and are automatically cancelled if they lock or cross the public options NBBO. Minimum order size is 500 contracts.

ORDER TYPES
Exclusive Order - This order type affords a trader seeking liquidity the ability to retain priority for the duration of the timed auction. By enforcing a trader’s priority to the debit or credit side of an auction, an exclusive order is ensured to trade if sufficient liquidity is available. A trader must display SIDE and SIZE of an Exclusive order, but may optionally show/hide PRICE.

Phantom Order - This order type offers a trader the ability to leverage a non-displayed order, but allows any other Ballista participant to post both bids and offers in response to an initiated phantom order. As such, a phantom order may not trade due to other participants improving the current quote and establishing priority. Phantom orders display SIZE only - PRICE and SIDE are non-displayed.