Volant Liquidity, LLC Joins International Securities Exchange As A Competitive Market Maker

The International Securities Exchange (ISE) announced that Volant Liquidity,LLC has become a Competitive Market Maker (CMM) on ISE’s options exchange. Volant is the first new market maker to join ISE under its new CMM trading rights program, which went into effect on September 1, 2011.

“We are very pleased to welcome Volant as ISE’s newest Competitive Market Maker,” said Gary Katz, President and Chief Executive Officer of ISE. “With our new, more flexible CMM structure, Volant and other liquidity providers on the exchange can be more agile in their quoting activity, which will benefit all participants trading at ISE.”

Brian Donnelly, Managing Member of Volant, said, “We’re excited to be posting quotes on ISE. The new membership structure allows us to provide liquidity in the names in which we specialize, without the obligation to post quotes in or pay for access to names we’re not interested in trading. Both customers and the ISE will benefit from the liquidity the new CMMs like Volant will bring to the market.”

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.