ISE and Strategic Partners Form ISE Stock Exchange, LLC; MidPoint Match(TM) To Be First Product
19 April 2006 - 9:00PM
Business Wire
The International Securities Exchange (NYSE: ISE) today announced
that it is entering the equities market through the launch of the
ISE Stock Exchange, LLC in partnership with key strategic firms.
ISE retains majority ownership and the strategic partners have
joint ownership interests in the business. The strategic partners
are leading broker-dealers and members of the exchange including
Bear Stearns, Citadel Derivatives Group, Deutsche Bank, Interactive
Brokers Group LLC, JPMorgan, Knight Capital Group, Inc. and Sun
Trading LLC. ISE Stock Exchange will introduce its first product,
MidPoint Match (MPM(TM)), early in the third quarter, subject to
regulatory authorization. MPM is a continuous, instantaneous, fully
automated, and anonymous matching platform for trading stock. MPM's
matching platform will execute orders 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. The MPM will be followed by an integrated displayed
market offering in the fourth quarter, subject to regulatory
approval. David Krell, ISE's President and Chief Executive Officer,
said "The ISE is pleased to announce that we have been joined by
our strategic partners in forming the ISE Stock Exchange to deliver
a superior market offering for equity executions. We believe that
the MidPoint Match for equity executions addresses untapped needs
in the market and is an integral component of our strategy to
deliver diversified asset classes to investors through the best
technology and trading exchange platform in the market." Krell
continued, "We have built a fully electronic exchange from the
ground up that will promote competition, foster innovation, improve
the overall market and transform the way that equities are traded.
In partnership with our strategic partners, we will add value to
the equities market and to investors who trade equity instruments.
In creating the ISE Stock Exchange, we seek to provide the same
level of creative functionalities and customer service in the
equities market as we have delivered to date in the options
market." MPM is a completely anonymous, continuous market open to
all members of the ISE and broker-dealers who become members of ISE
Stock Exchange. Users can access MPM via their existing trading
platforms and protocols, including FIX. The benefits to users
include complete anonymity and the elimination of spread and market
impact. Traders will maintain control over how their orders are
managed, while taking advantage of the ability to access
non-displayed liquidity. "ISE Stock Exchange is the first exchange
to offer an equities matching platform built specifically to
support the electronic trading strategies that define today's
market, but until now, haven't been open to all market participants
in a single arena," said Thomas Ascher, Chief Strategy Officer of
ISE. "By leveraging our current infrastructure, network
connectivity, and technological expertise, as well as our high
level of customer service, we believe that MidPoint Match offers a
unique and compelling means to trade equities anonymously and at
competitive rates. Our 4th quarter addition of a displayed market
will be fully integrated with MidPoint Match, further enhancing the
ISE Stock Exchange offering," Ascher concluded. Conference Call The
Company will host a conference call at 8:30 a.m. Eastern Time today
to discuss this release. All interested parties can listen to a
live audio webcast that will be hosted on the Investor Relations
section of the Company's web site at www.iseoptions.com. A
presentation that will be referenced during the call will also be
posted to the web site. The conference call can also be accessed by
calling (800) 573-4842 and dialing the participant passcode
48568739. Please reserve a line 15 minutes prior to the start of
the conference call. The conference call replay will be available
from 10:30 a.m. on April 19, 2006 until midnight on April 20, 2006
and can be accessed by calling (888) 286-8010 and dialing the
participant passcode 35067181. An archived replay of the call will
be available on the Investor Relations section of the Company's web
site at www.iseoptions.com. 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 and equity orders. For more information about the ISE Stock
Exchange, visit www.isestock.com. For more information about ISE,
its products and its technology, visit www.iseoptions.com. Forward
Looking Statements Certain matters discussed in this press release
are "forward looking statements" intended to qualify for the safe
harbor from liability established by the Private Securities
Litigation Reform Act of 1995. These statements relate to future
events or our future financial performance, and involve known and
unknown risks, uncertainties and other factors that may cause our
actual results, levels of activity, performance or achievements, to
be materially different from those contemplated by the forward
looking statements. We undertake no ongoing obligation, other than
that imposed by law, to update these statements. Factors that could
affect our results, levels of activity, performance or achievements
and cause them to materially differ from those contained in the
forward looking statements can be found in our filings with the
Securities and Exchange Commission, including our annual report on
Form 10-K, current reports on Form 8-K and quarterly reports on
Form 10-Q, as amended.
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