ISE Announces Market Makers for ISE FX Options(TM)
March 28 2007 - 8:15AM
Business Wire
The International Securities Exchange (NYSE: ISE) today announced
that Timber Hill LLC, the market making subsidiary of Interactive
Brokers, will serve as the Primary Market Maker (PMM�) for the
first four currency pairs of ISE FX Options� that will be listed on
the Exchange. Additionally, Citigroup Derivatives Markets Inc.,
Lehman Brothers Inc., and Optiver US, LLC will act as Competitive
Market Makers (CMMs�) in a variety of the products. Trading will
initially take place in the following four currency pairs: USD/EUR
(Symbol: EUI), USD/GBP (Symbol: BPX), USD/JPY (Symbol: YUK), and
USD/CAD (Symbol: CDD). ISE has established a new type of market
maker membership class for quoting in ISE FX Options, and market
makers were determined through a competitive auction process. A PMM
trading license extends for three years and specifies certain
market quality commitments. CMM trading licenses have a one-year
term. ISE Electronic Access Members (EAMs) will be able to trade
this innovative new product using their current memberships. Sean
Flynn, a trader at Timber Hill who oversaw the firm�s bid for its
FX PMM licenses, said, �Foreign exchange continues to grow in
importance as an asset class, and we believe the FX market offers
substantial opportunities for investors. Access to the FX market
has historically been very limited for retail investors, but ISE FX
Options will provide the retail segment with a straightforward
vehicle to easily enter and trade the market. For these reasons, we
believe ISE FX Options will be an attractive product for retail
investors, and Timber Hill is committed to making quality markets
from Day One.� ISE FX Options provide investors with exposure to
rate movements in the global foreign currency markets and allow
traders to express their views on the strength or weakness of the
US dollar without the need to hold the actual foreign currency. As
exchange-listed securities, ISE FX Options can be easily accessed
through most major brokerage accounts that are approved for trading
equity and index options. These products will be cash-settled and
have European style exercise. ISE FX Options are scheduled to
launch early in the second quarter of 2007, pending SEC approval.
For more information, please visit www.isefxoptions.com. 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 the
fourth quarter of 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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