ISE Announces Launch of Second Market for Options
09 October 2006 - 10:30PM
Business Wire
The International Securities Exchange (NYSE: ISE) today announced
that trading in its Second Market for options will begin on October
16, 2006. ISE developed its Second Market to provide its members
with a distinct platform that will leverage ISE�s leading community
of market makers and proven, competitive market structure to create
additional liquidity in options that have typically experienced
lower trading volumes. ISE will initially list twenty options
classes in its Second Market and will continue to add listings
regularly until approximately 850 names are traded. Once fully
rolled out, the Second Market will double the total number of
equity options classes listed at ISE, offering members access to
equity options that represent approximately 99% of industry volume
through the ISE platform. David Krell, President and Chief
Executive Officer of ISE said, �The launch of ISE�s Second Market
significantly expands the number of equity options classes
available to our members and enhances the trading flexibility of
our options platform. In response to members� requests to trade
these less liquid issues at ISE, we determined that creating the
Second Market would improve competition and lead to a better
trading environment in this niche of the options space.� In order
to promote the creation of deep and competitive markets in these
products, the Second Market offers separate quoting rules and
access standards from ISE�s primary market. An open access
structure will allow greater flexibility for competitive market
making. ISE�s existing market makers will be eligible to make
markets in the Second Market through a single monthly access fee.
Additionally, current members of ISE who are not market makers will
be eligible to quote in the Second Market by paying an access fee.
No additional trading rights are required. Options classes traded
in the Second Market will comply with existing listing requirements
and trade under existing ISE trading rules. Trading in ISE�s Second
Market will commence with the twenty symbols listed below.
Beginning the week following the launch, approximately 80 to 100
additional listings will be added each week. Symbol Company PMM
ABAX Abaxis Inc Citadel Derivatives Group LLC ACLI America
Commercial Lines Inc Citadel Derivatives Group LLC ASPV Aspreca
Pharmaceuticals Corp UBS Securities LLC AW Allied Waste Inds, Inc
Merrill Lynch Professional Clearing Corporation BEN Franklin
Resources Inc Morgan Stanley & Co. Incorporated DBRN The Dress
Barn Inc Merrill Lynch Professional Clearing Corporation DPTR Delta
Petroleum SLK-Hull Derivatives LLC DRQ Dril-Quip Inc Timber Hill
LLC DVA Davita Inc SLK-Hull Derivatives LLC FTI FMC Technologies
Inc Citadel Derivatives Group LLC GGB Gerdau S.A. Merrill Lynch
Professional Clearing Corporation JEC Jacobs Engineering Group Inc
SLK-Hull Derivatives LLC MNI Knight Ridder Inc Morgan Stanley &
Co. Incorporated NOC Northrop Grumman Corp Citadel Derivatives
Group LLC OSK OshKosh Truck Corp Timber Hill LLC PLCE The
Children�s Place Retail UBS Securities LLC SFD Smithfield Foods
Morgan Stanley & Co. Incorporated SGY Stone Energy Corporation
SLK-Hull Derivatives LLC SPN Superior Energy Services Inc UBS
Securities LLC SRZ Sunrise Assisted Living Inc Timber Hill LLC ISE
Background The International Securities Exchange, LLC (ISE) is a
wholly-owned subsidiary of International Securities Exchange
Holdings, Inc. (ISE Holdings). ISE operates an innovative
securities market, founded on the principle that technology and
competition create better, more efficient markets for investors.
ISE is the largest equity options exchange and is among the leading
options exchanges in the world. ISE developed a unique market
structure for advanced screen-based trading systems and in May 2000
launched the first fully electronic US options exchange. The ISE
Stock Exchange launched in September 2006 with strategic partners
and offers an innovative MidPoint Match platform, which will be
followed by a fully integrated displayed Best Bid Offer market in
the fourth quarter. ISE Holdings is also a majority owner of
Longitude LLC, which operates an innovative platform for events
markets trading. Additionally, ISE offers enhanced market data
products for sophisticated investors. ISE continually enhances its
trading systems and develops new products, including index options
and market data, to provide investors with the best marketplace and
investment tools to trade smarter. For more information about ISE,
its options products and its technology, visit www.iseoptions.com,
for more information about the ISE Stock Exchange, visit
www.isestock.com and for more information about Longitude, visit
www.longitude.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. The International Securities Exchange (NYSE: ISE) today
announced that trading in its Second Market for options will begin
on October 16, 2006. ISE developed its Second Market to provide its
members with a distinct platform that will leverage ISE's leading
community of market makers and proven, competitive market structure
to create additional liquidity in options that have typically
experienced lower trading volumes. ISE will initially list twenty
options classes in its Second Market and will continue to add
listings regularly until approximately 850 names are traded. Once
fully rolled out, the Second Market will double the total number of
equity options classes listed at ISE, offering members access to
equity options that represent approximately 99% of industry volume
through the ISE platform. David Krell, President and Chief
Executive Officer of ISE said, "The launch of ISE's Second Market
significantly expands the number of equity options classes
available to our members and enhances the trading flexibility of
our options platform. In response to members' requests to trade
these less liquid issues at ISE, we determined that creating the
Second Market would improve competition and lead to a better
trading environment in this niche of the options space." In order
to promote the creation of deep and competitive markets in these
products, the Second Market offers separate quoting rules and
access standards from ISE's primary market. An open access
structure will allow greater flexibility for competitive market
making. ISE's existing market makers will be eligible to make
markets in the Second Market through a single monthly access fee.
Additionally, current members of ISE who are not market makers will
be eligible to quote in the Second Market by paying an access fee.
No additional trading rights are required. Options classes traded
in the Second Market will comply with existing listing requirements
and trade under existing ISE trading rules. Trading in ISE's Second
Market will commence with the twenty symbols listed below.
Beginning the week following the launch, approximately 80 to 100
additional listings will be added each week. -0- *T Symbol Company
PMM
----------------------------------------------------------------------
ABAX Abaxis Inc Citadel Derivatives Group LLC
----------------------------------------------------------------------
ACLI America Commercial Lines Inc Citadel Derivatives Group LLC
----------------------------------------------------------------------
ASPV Aspreca Pharmaceuticals Corp UBS Securities LLC
----------------------------------------------------------------------
AW Allied Waste Inds, Inc Merrill Lynch Professional Clearing
Corporation
----------------------------------------------------------------------
BEN Franklin Resources Inc Morgan Stanley & Co. Incorporated
----------------------------------------------------------------------
DBRN The Dress Barn Inc Merrill Lynch Professional Clearing
Corporation
----------------------------------------------------------------------
DPTR Delta Petroleum SLK-Hull Derivatives LLC
----------------------------------------------------------------------
DRQ Dril-Quip Inc Timber Hill LLC
----------------------------------------------------------------------
DVA Davita Inc SLK-Hull Derivatives LLC
----------------------------------------------------------------------
FTI FMC Technologies Inc Citadel Derivatives Group LLC
----------------------------------------------------------------------
GGB Gerdau S.A. Merrill Lynch Professional Clearing Corporation
----------------------------------------------------------------------
JEC Jacobs Engineering Group Inc SLK-Hull Derivatives LLC
----------------------------------------------------------------------
MNI Knight Ridder Inc Morgan Stanley & Co. Incorporated
----------------------------------------------------------------------
NOC Northrop Grumman Corp Citadel Derivatives Group LLC
----------------------------------------------------------------------
OSK OshKosh Truck Corp Timber Hill LLC
----------------------------------------------------------------------
PLCE The Children's Place Retail UBS Securities LLC
----------------------------------------------------------------------
SFD Smithfield Foods Morgan Stanley & Co. Incorporated
----------------------------------------------------------------------
SGY Stone Energy Corporation SLK-Hull Derivatives LLC
----------------------------------------------------------------------
SPN Superior Energy Services Inc UBS Securities LLC
----------------------------------------------------------------------
SRZ Sunrise Assisted Living Inc Timber Hill LLC
----------------------------------------------------------------------
*T ISE Background The International Securities Exchange, LLC (ISE)
is a wholly-owned subsidiary of International Securities Exchange
Holdings, Inc. (ISE Holdings). ISE operates an innovative
securities market, founded on the principle that technology and
competition create better, more efficient markets for investors.
ISE is the largest equity options exchange and is among the leading
options exchanges in the world. ISE developed a unique market
structure for advanced screen-based trading systems and in May 2000
launched the first fully electronic US options exchange. The ISE
Stock Exchange launched in September 2006 with strategic partners
and offers an innovative MidPoint Match platform, which will be
followed by a fully integrated displayed Best Bid Offer market in
the fourth quarter. ISE Holdings is also a majority owner of
Longitude LLC, which operates an innovative platform for events
markets trading. Additionally, ISE offers enhanced market data
products for sophisticated investors. ISE continually enhances its
trading systems and develops new products, including index options
and market data, to provide investors with the best marketplace and
investment tools to trade smarter. For more information about ISE,
its options products and its technology, visit www.iseoptions.com,
for more information about the ISE Stock Exchange, visit
www.isestock.com and for more information about Longitude, visit
www.longitude.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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