Intntl Sec Exchange (NYSE:ISE)
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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.