ISE Stock Exchange to Launch Displayed Stock Market

Ivy Schmerken, Wall Street & Technology

The ISE Stock Exchange will unveil its fully displayed stock market on Friday, Dec. 8, according to an announcement by the publicly traded International Securities Exchange (ISE), which also operates the leading all-electronic U.S. options exchange.The displayed market, which publishes quotations, will be seamlessly integrated with MidPoint Match, a continuous, anonymous platform for trading equities at the midpoint price of the National Best Bid and Offer (NBBO). Quotes and trades on the ISE Stock Exchange will be reported to the tap associations with the letter "I."

Displayed market orders will first receive exposure to the nondisplayed MidPoint Match order book and may be automatically executed with price improvement.

"The unique combined structure of the ISE Stock Exchange will enable traders to maximize execution quality by accessing both nondisplayed and displayed liquidity pools through one trading platform," stated ISE's President and CEO David Krell. "Once the fully displayed market goes live, the ISE Stock Exchange will be the first and only exchange-based, continuous crossing platform that provides this type of order interaction," Krell further stated in the release.

The ISE Stock Exchange will be fully compliant with Regulation National Market Systems (Reg NMS) with plans to trade the full universe of approximately 7,000 NMS equities and ETFs by Feb. 5, 2007.

The ISE Stock Exchange was launched in September with MidPoint Match as its first product. It said it expected to launch the fully disclosed market in the fourth quarter. Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio