The order preview feature serves two distinct purposes. The first is to give the IOXM trader a final option to withdraw or edit his order prior to submission. All orders are checked for month and price validity during entry, however, the trader may, for a number of reasons, consider the trade undesireable. The second is for purposes of order readback prior to submission via the "Submit Order" button. Many traders feel more secure knowing exactly what they have selected through such a method of visual confirmation. This is the best way we know to help prevent you from making potentially costly trading errors!
A closer inspection of the preview screen will reveal a key feature provided at no charge to the IOX trader: The "real-time" live quote, Last Tick, price for the selected instrument. This single feature may help reduce or eliminate your dependency on a separate live quote feed or the need to contact a broker to get an indication of market price prior to trade placement.