Tibra Joins ISE As A Competitive Market Maker

The International Securities Exchange (ISE) announced that Tibra Trading America LLC (Tibra) has become a Competitive Market Maker (CMM) on ISE's options exchange. Tibra is the most recent market maker to join ISE under its new CMM trading rights program, which went into effect in September 2011. Since the launch of the new CMM program, four new market makers have joined the exchange.  

"We are very pleased to welcome Tibra as ISE's newest Competitive Market Maker," said Gary Katz, President and Chief Executive Officer of ISE. "In today's market environment, the role of dedicated liquidity providers is more important than ever, and Tibra will join our existing market makers in providing liquid, competitive markets at ISE."  

Sam Dawson, Business Development Manager of Tibra, said, "ISE's flexible market making program and robust technology platform offered us a compelling reason to join ISE's market making community. We are excited to begin quoting on the ISE and to grow our business as a result."  

ISE's new CMM trading rights structure entitles a market maker to enter quotes in options symbols that comprise a certain percentage of industry volume. A CMM's first trading right entitles that market maker to quote in 20 percent of the industry volume, and each subsequent right provides the ability to quote an additional 10 percent of volume. This new structure is designed to allow ISE's market makers to react more quickly to changes in the marketplace.