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ISO Definition from Reg NMS: Intermarket sweep order means a limit order for an NMS stock that meets the following requirements: 1) When routed to a trading center, the limit order is identified as an intermarket sweep order; and 2) Simultaneously with the routing of the limit order...

Doesn't Reg NMS require all market centers to execute ISO orders in the same fashion? To clarify your response, I agree with the fills at the protected quote, but wouldn't the order of execution actually be: A @ .50 B @ .50 A @ .51 A @ .52 I wouldn't think you would have to fill at...