The International Securities Exchange (NYSE: ISE) announced that the ISE Stock Exchange will introduce its fully-displayed stock market on Friday, December 8, 2006. Quotes and trades on the ISE Stock Exchange will be represented with the letter "I" in the tape associations. The displayed market will be seamlessly integrated with MidPoint Match(TM), a continuous, anonymous platform for trading equities at the midpoint price of the National Best Bid and Offer (NBBO) that was launched earlier this year. Displayed market orders will first receive exposure to the non-displayed MidPoint Match order book and may be automatically executed with price improvement.
David Krell, ISE's President and Chief Executive Officer, said, "The unique combined structure of the ISE Stock Exchange will enable traders to maximize execution quality by accessing both non-displayed and displayed liquidity pools through one trading platform. Once the fully-displayed market goes live, the ISE Stock Exchange will be the first and only exchange-based, continuous crossing platform that provides this type of order interaction."
The ISE Stock Exchange will be fully compliant with Regulation National Market System (Reg NMS). Accordingly, the Exchange has implemented full route-out capabilities and is able to receive orders routed to the ISE Stock Exchange from other venues. Orders placed on the ISE Stock Exchange will benefit from complete trade-through protection. The ISE Stock Exchange will trade the full complement of approximately 7,000 National Market System equities and ETFs by February 5, 2007.
Andrew Brenner, head of the ISE Stock Exchange, noted, "On the ISE Stock Exchange, we offer not only price-protected displayed orders under Reg NMS but also price improvement through MidPoint Match. In this extremely competitive market environment, these dual benefits will provide traders with a significant advantage."
