ISE Executes Successful Launch of MidPoint Match(TM)
September 11 2006 - 8:45AM
Business Wire
The International Securities Exchange (NYSE: ISE) announced the
successful launch last Friday of MidPoint Match(TM). During the
first full day of trading, the MidPoint Match platform performed
flawlessly, and ISE members reacted positively to the system's
trading structure and execution speed. MidPoint Match, the first
product to debut on the ISE Stock Exchange, LLC, is a continuous,
instantaneous, fully-automated and anonymous platform that executes
orders at the midpoint price of the National Best Bid and Offer
(NBBO) throughout the trading day. David Krell, ISE's President and
Chief Executive Officer, said, "We are extremely pleased with the
results of the launch of the ISE Stock Exchange, and the strong
positive feedback we have received from our members underscores the
market demand for the unique MidPoint Match platform, which offers
continuous price improvement. We look forward to building on this
successful first step in the rollout process to grow the business
methodically over the coming months." MidPoint Match is a
continuous market open to all members of ISE and broker-dealers who
become members of ISE Stock Exchange. Since MidPoint Match matches
and executes all round lot orders, large and small, the platform
has broad appeal for both retail and institutional order flow. In
particular, the product's unique design makes it well-suited for
orders generated from a variety of electronic trading strategies
including algorithms, program trades, and statistical arbitrage.
Through its anonymous, exchange-based platform, MidPoint Match
allows traders to eliminate market impact and provides close
integration with their existing order management process through a
highly reliable technology infrastructure. Common stocks and ETFs
that are listed on NYSE, NASDAQ, and Amex are traded. "The first
day of MidPoint Match trading met the very high expectations we
have established for our technology platform and market operations
support. The entire exchange system functioned seamlessly. We are
now focused on adding to the list of names traded on MidPoint Match
and have established an aggressive schedule for rolling out new
listings leading up to the introduction of the displayed market,"
said Andrew Brenner, Managing Director and Head of ISE Stock
Exchange. MidPoint Match will be followed by an integrated
displayed market offering in the fourth quarter, subject to
regulatory approval. The displayed market will provide transparency
while the blended displayed/non-displayed structure will increase
liquidity and functionality for traders. ISE announced its intent
to enter the equities market in April with the formation of the ISE
Stock Exchange, LLC in partnership with key strategic firms. The
strategic partners are leading broker-dealers and members of the
exchange, including Bear Stearns, Citadel Derivatives Group,
Deutsche Bank, a subsidiary of E*TRADE FINANCIAL Corporation,
Interactive Brokers Group LLC, JPMorgan, Knight Capital Group,
Inc., Nomura Securities International, Inc., Sun Trading LLC, and
Van der Moolen. ISE Background The International Securities
Exchange, LLC (ISE) is 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 LLC 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 (BBO) market in the fourth
quarter. ISE is also a majority owner of Longitude LLC, an
innovative platform for events markets trading, and 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 and for more information about the ISE
Stock Exchange LLC, visit www.isestock.com. International
Securities Exchange, LLC is a wholly-owned subsidiary of
International Securities Exchange Holdings, Inc. 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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