Intntl Sec Exchange (NYSE:ISE)
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The International Securities Exchange (NYSE: ISE) said today that
average daily trading volume in its Second Market for options has grown
to approximately 35,000 contracts since its launch on October 16, 2006.
ISE introduced the Second Market to create tight markets and additional
liquidity for options classes that have typically experienced lower
trading volumes.
As a result of increased competition, Second Market symbols currently
trade an aggregate of 55% more volume across all exchanges than in the
three months prior to ISE listing these names. This volume growth
reinforces ISE’s belief that enhanced
competition among exchanges improves market quality, which leads to
greater trading interest. In the past, similar volume increases also
occurred in equity, ETF, and certain index options when greater
competition was introduced for these products.
David Krell, ISE’s President and Chief
Executive Officer, noted, “We are very pleased
with the results of the first month of trading in ISE’s
Second Market. As we anticipated, overall market quality has improved
and volumes have grown as a result of greater competition in these
listings. We expect this trend to continue as more names are added to
the Second Market in the coming weeks.”
Currently, 260 symbols are traded in the Second Market. ISE plans
additional listings and expects to include approximately 800 options
classes in the Second Market by the end of January 2007. The Second
Market offers separate quoting rules and access standards from ISE’s
primary market to provide greater flexibility for competitive market
making. Citadel Derivatives Group LLC, Merrill Lynch Professional
Clearing Corporation, Morgan Stanley & Co. Incorporated, SLK-Hull
Derivatives LLC, Timber Hill LLC, and UBS Securities LLC act as Primary
Market Makers (PMMs) in the Second Market. Additionally, ten firms
currently participate as Competitive Market Makers (CMMs) in these
listings.
ISE Background
International Securities Exchange Holdings, Inc. (NYSE: ISE), through
its subsidiaries, operates a family of innovative securities markets.
ISE is founded on the principle that technology and competition create
better, more efficient markets for investors and consists of an options
exchange, a stock exchange and an alternative markets platform. ISE
continually enhances its trading systems and develops new products to
provide investors with the best marketplace and investment tools to
trade smarter.
ISE developed a unique market structure for advanced screen-based
trading systems and in May 2000 launched the first fully-electronic US
options exchange. Currently, ISE operates the largest U.S. equity
options exchange and is among the leading options exchanges in the
world. ISE offers index options, including a portfolio of proprietary
index products, and enhanced market data products for sophisticated
investors. ISE FX Options™ are slated to
launch in 2007.
ISE Stock Exchange, launched in September 2006 with strategic partners,
includes an innovative MidPoint Match™
platform which offers investors continuous price improvement. It is
expected that MidPoint Match will be integrated with a fully-displayed
Best Bid Offer market in the fourth quarter of 2006.
ISE’s alternative markets business currently
consists of an events market trading platform known as Longitude.
Longitude’s patented and proprietary
technology provides a unique parimutuel structure for derivatives
auctions which results in greater trading and pricing flexibility for
market participants.
For more information about ISE and its options exchange, visit www.iseoptions.com
and for more information about ISE Stock Exchange, visit www.isestock.com.
Additionally, to learn more about ISE alternative markets technology,
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) said today that
average daily trading volume in its Second Market for options has
grown to approximately 35,000 contracts since its launch on October
16, 2006. ISE introduced the Second Market to create tight markets and
additional liquidity for options classes that have typically
experienced lower trading volumes.
As a result of increased competition, Second Market symbols
currently trade an aggregate of 55% more volume across all exchanges
than in the three months prior to ISE listing these names. This volume
growth reinforces ISE's belief that enhanced competition among
exchanges improves market quality, which leads to greater trading
interest. In the past, similar volume increases also occurred in
equity, ETF, and certain index options when greater competition was
introduced for these products.
David Krell, ISE's President and Chief Executive Officer, noted,
"We are very pleased with the results of the first month of trading in
ISE's Second Market. As we anticipated, overall market quality has
improved and volumes have grown as a result of greater competition in
these listings. We expect this trend to continue as more names are
added to the Second Market in the coming weeks."
Currently, 260 symbols are traded in the Second Market. ISE plans
additional listings and expects to include approximately 800 options
classes in the Second Market by the end of January 2007. The Second
Market offers separate quoting rules and access standards from ISE's
primary market to provide greater flexibility for competitive market
making. Citadel Derivatives Group LLC, Merrill Lynch Professional
Clearing Corporation, Morgan Stanley & Co. Incorporated, SLK-Hull
Derivatives LLC, Timber Hill LLC, and UBS Securities LLC act as
Primary Market Makers (PMMs) in the Second Market. Additionally, ten
firms currently participate as Competitive Market Makers (CMMs) in
these listings.
ISE Background
International Securities Exchange Holdings, Inc. (NYSE: ISE),
through its subsidiaries, operates a family of innovative securities
markets. ISE is founded on the principle that technology and
competition create better, more efficient markets for investors and
consists of an options exchange, a stock exchange and an alternative
markets platform. ISE continually enhances its trading systems and
develops new products to provide investors with the best marketplace
and investment tools to trade smarter.
ISE developed a unique market structure for advanced screen-based
trading systems and in May 2000 launched the first fully-electronic US
options exchange. Currently, ISE operates the largest U.S. equity
options exchange and is among the leading options exchanges in the
world. ISE offers index options, including a portfolio of proprietary
index products, and enhanced market data products for sophisticated
investors. ISE FX Options(TM) are slated to launch in 2007.
ISE Stock Exchange, launched in September 2006 with strategic
partners, includes an innovative MidPoint Match(TM) platform which
offers investors continuous price improvement. It is expected that
MidPoint Match will be integrated with a fully-displayed Best Bid
Offer market in the fourth quarter of 2006.
ISE's alternative markets business currently consists of an events
market trading platform known as Longitude. Longitude's patented and
proprietary technology provides a unique parimutuel structure for
derivatives auctions which results in greater trading and pricing
flexibility for market participants.
For more information about ISE and its options exchange, visit
www.iseoptions.com and for more information about ISE Stock Exchange,
visit www.isestock.com. Additionally, to learn more about ISE
alternative markets technology, 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.