ISE's MidPoint Match(TM) Platform Opens for Trading; Provides Investors with Continuous Price Improvement
September 08 2006 - 7:04AM
Business Wire
The International Securities Exchange (NYSE: ISE) announced that
trading will begin today on its MidPoint Match(TM) platform, the
first product to debut on the ISE Stock Exchange, LLC. The start of
trading marks ISE's entry into the equities market and leverages
ISE's core strengths of technology and customer service to deliver
an innovative equity execution alternative to investors. All
approved users of the ISE Stock Exchange will have access to the
MidPoint Match platform. David Krell, ISE's President and Chief
Executive Officer, said "The unique design of MidPoint Match fills
a need in the marketplace for continuous price improvement, and we
are confident that investors will benefit not only from the trading
flexibility offered by MidPoint Match but also from the advantages
delivered by its exchange-based structure. Today truly marks a
milestone for ISE as we launch trading in a new asset class for
members of our exchange on the MidPoint Match platform." MidPoint
Match is a continuous, instantaneous, fully-automated and anonymous
platform that executes orders at the midpoint price of the National
Best Bid and Offer (NBBO) throughout the trading day. This unique,
patent-pending trading platform will match and execute all round
lot orders, large and small, and is especially suited for orders
generated by algorithms. MidPoint Match will be followed by an
integrated displayed market offering in the fourth quarter, subject
to regulatory approval. Initial trading will be in the following
ten stocks with additional names to be added regularly: Cisco
Systems Inc. (CSCO); Ford Motor Co. (F); JDS Uniphase Corp. (JDSU);
LSI Logic Corp (LSI); Lucent Technologies Inc (LU); NASDAQ-100
Trust (QQQQ); Qwest Communications International Inc. (Q); RF Micro
Devices Inc. (RFMD); Sun Microsystems Inc. (SUNW); and
Semiconductor HOLDRs Trust (SMH). ISE Background The International
Securities Exchange, LLC (ISE) is an innovative securities market,
founded on the principle that technology and competition create
better, more efficient markets for investors. ISE is the largest
equity options exchange and is among the leading options exchanges
in the world. ISE developed a unique market structure for advanced
screen-based trading systems and in May 2000 launched the first
fully electronic US options exchange. The ISE Stock Exchange LLC
will launch in September 2006 with strategic partners, offering an
innovative MidPoint Match platform, followed by a fully integrated
displayed Best Bid Offer (BBO) market in the fourth quarter. ISE is
also a majority owner of Longitude LLC, an innovative platform for
events markets trading, and offers enhanced market data products
for sophisticated investors. ISE continually enhances its trading
systems and develops new products, including index options and
market data, to provide investors with the best marketplace and
investment tools to trade smarter. For more information about ISE,
its options products and its technology, visit www.iseoptions.com
and for more information about the ISE Stock Exchange LLC, visit
www.isestock.com. International Securities Exchange, LLC is a
wholly-owned subsidiary of International Securities Exchange
Holdings, Inc. Forward Looking Statements Certain matters discussed
in this press release are "forward looking statements" intended to
qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995. These statements
relate to future events or our future financial performance, and
involve known and unknown risks, uncertainties and other factors
that may cause our actual results, levels of activity, performance
or achievements, to be materially different from those contemplated
by the forward looking statements. We undertake no ongoing
obligation, other than that imposed by law, to update these
statements. Factors that could affect our results, levels of
activity, performance or achievements and cause them to materially
differ from those contained in the forward looking statements can
be found in our filings with the Securities and Exchange
Commission, including our annual report on Form 10-K, current
reports on Form 8-K and quarterly reports on Form 10-Q, as amended.
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