David Krell, ISE's President and Chief Executive Officer, said "The ISE is pleased to welcome these key firms as partners in the ISE Stock Exchange. Their commitment underscores our belief that the ISE Stock Exchange will provide an innovative platform for equity trading. As a result of its differentiated product offerings and unique structure, we believe the ISE Stock Exchange will not only be valuable to investors who trade equities but also will improve the dynamics of the equities market as a whole."
As announced in April, ISE Stock Exchange will introduce its first product, MidPoint Match(TM), this quarter, subject to regulatory authorization. MidPoint Match is an instantaneous, fully automated, and anonymous matching platform for trading stock, providing the opportunity for continuous price improvement. Through MidPoint Match, orders will be executed at the midpoint price of the National Best Bid and Offer (NBBO) throughout the trading day (currently 9:30 AM - 4:00 PM ET). 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.
ISE Background
The International Securities Exchange (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 the third quarter of 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.
