ISE Stock Exchange Launches Fully-Displayed Market
December 11 2006 - 7:51AM
Business Wire
The International Securities Exchange (NYSE: ISE) announced today
that the ISE Stock Exchange successfully launched its
fully-displayed stock market on Friday, December 8, 2006. With the
launch of the fully-displayed market, the ISE Stock Exchange now
offers the only fully-electronic dual structure that provides
integrated access to both displayed and non-displayed liquidity
pools. The ISE Stock Exchange is a completely automated market
place that offers high-speed order execution capabilities, a
competitive pricing structure, and neutral access rules. David
Krell, ISE�s President and Chief Executive Officer, said, �We are
very pleased to introduce the fully-displayed market, which
significantly enhances the flexibility and functionality of the ISE
Stock Exchange. Traders will be able to access the Reg
NMS-protected equities markets and ISE�s non-displayed liquidity
pool continuously and simultaneously through our Exchange.� The ISE
Stock Exchange�s introductory product, MidPoint Match�, a
continuous, anonymous platform for trading equities at the midpoint
price of the National Best Bid and Offer (NBBO), debuted in
September 2006. Displayed market orders first receive exposure to
the non-displayed MidPoint Match order book and may be
automatically executed with price improvement. Andrew Brenner, head
of the ISE Stock Exchange, noted, �Displayed market orders will
automatically receive triple order exposure to maximize execution
quality and prevent trade-throughs. First, orders will have the
opportunity to receive price improvement from exposure to MidPoint
Match. Second, orders will either be executed or displayed on ISE�s
order book. Third, we will have the capability to route orders to
other market centers if necessary to achieve the best price.�
Trading in the fully-displayed market began with ten listings, and
additional listings will be added over the next several weeks. The
initial list of names includes Apple Computer, Inc. (Ticker: AAPL);
Broadcom Corporation (Ticker: BRCM); Comcast Corporation (Class A)
(Ticker: CMCSA); Comcast Corporation (Class A Special) (Ticker:
CMCSK); General Electric Company (Ticker: GE); iShares Russell 2000
Index (ETF) (Ticker: IWM); NASDAQ 100 Trust Shares (ETF) (Ticker:
QQQQ); Pfizer Inc. (Ticker: PFE); Phelps Dodge Corporation (Ticker:
PD); and SPDR Trust Series (ETF) (Ticker: SPY). Currently, over
3,000 securities trade in MidPoint Match. The ISE Stock Exchange
intends to trade the full complement of approximately 7,000
National Market System equities and ETFs by February 5, 2007 in
both the fully-displayed market and MidPoint Match. The ISE Stock
Exchange operates normal trading hours from 9:30 am until 4:00 pm.
Trading is extended to 4:15 pm for certain ETFs. Fee information is
available at www.isestock.com. ISE entered the equities market on
September 8, 2006 with the launch of the ISE Stock Exchange, LLC.
The ISE Stock Exchange was formed in partnership with key strategic
firms that are leading broker-dealers and members of the exchange,
including Bear Stearns, Citadel Derivatives Group, Deutsche Bank, a
subsidiary of E*TRADE FINANCIAL Corporation, Interactive Brokers
Group LLC, JPMorgan, Knight Capital Group, Inc., Nomura Securities
International, Inc., Sun Trading LLC, and Van der Moolen. ISE
Background International Securities Exchange Holdings, Inc. (NYSE:
ISE), through its subsidiaries, operates a family of innovative
securities markets. ISE is founded on the principle that technology
and competition create better, more efficient markets for investors
and consists of an options exchange, a stock exchange and an
alternative markets platform. ISE continually enhances its trading
systems and develops new products to provide investors with the
best marketplace and investment tools to trade smarter. ISE
developed a unique market structure for advanced screen-based
trading systems and in May 2000 launched the first fully-electronic
US options exchange. Currently, ISE operates the largest U.S.
equity options exchange and is among the leading options exchanges
in the world. ISE offers index options, including a portfolio of
proprietary index products, and enhanced market data products for
sophisticated investors. ISE FX Options� are slated to launch in
2007. ISE Stock Exchange, launched in September 2006 with strategic
partners, includes an innovative MidPoint Match� platform which
offers investors continuous price improvement. MidPoint Match was
integrated with a fully-displayed Best Bid Offer market in December
2006. ISE�s alternative markets business currently consists of an
events market trading platform known as Longitude. Longitude�s
patented and proprietary technology provides a unique parimutuel
structure for derivatives auctions which results in greater trading
and pricing flexibility for market participants. For more
information about ISE and its options exchange, visit
www.iseoptions.com and for more information about ISE Stock
Exchange, visit www.isestock.com. Additionally, to learn more about
ISE alternative markets technology, visit www.longitude.com.
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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