"SHD has significant expertise in market making and electronic trading and we look forward to the expansion of their participation in our market," said Gary Katz, ISE's Chief Operating Officer.
ISE lists more than 700 different options classes, representing about 90% of options industry volume. ISE's market is divided into ten bins, with one PMM and up to 16 CMMs in each bin. Since ISE's launch on May 26, 2000, the exchange's low-cost, high-efficiency business model has attracted a new class of participants to the options market whose embrace of electronic trading has fundamentally changed the nature of US options trading. Most PMMs and CMMs are operated by large, global financial institutions with significant capital base and notable trading experience.
ISE Background
The International Securities Exchange, the world's largest equity options exchange, was founded on the principle that technology fosters and infuses new efficiencies and operational innovations into securities trading. After developing an innovative market structure that integrated auction market principles into an advanced screen-based trading system, ISE launched the first fully electronic US options exchange in May 2000. ISE continually enhances its trading systems to provide investors with the best marketplace to execute their options orders.
