The International Securities Exchange says that the ISE Stock Exchange has launched its fully-displayed stock market. With the launch of the fully-displayed market, the ISE Stock Exchange now offers the only fully-electronic dual structure that provides integrated access to both displayed and non-displayed liquidity pools.
The ISE Stock Exchange is a completely automated market place that offers high-speed order execution capabilities, a competitive pricing structure, and neutral access rules.
“We are very pleased to introduce the fully-displayed market, which significantly enhances the flexibility and functionality of the ISE Stock Exchange,” says David Krell, the President and Chief Executive Officer of the ISE. “Traders will be able to access the Reg NMS-protected equities markets and ISE’s non-displayed liquidity pool continuously and simultaneously through our Exchange.”
The ISE Stock Exchange’s introductory product, MidPoint Match, a continuous, anonymous platform for trading equities at the midpoint price of the National Best Bid and Offer (NBBO), debuted in September 2006. Displayed market orders first receive exposure to the non-displayed MidPoint Match order book and may be automatically executed with price improvement.
“Displayed market orders will automatically receive triple order exposure to maximise execution quality and prevent tradethroughs,” adds Andrew Brenner, the head of the ISE Stock Exchange. “First, orders will have the opportunity to receive price improvement from exposure to MidPoint Match. Second, orders will either be executed or displayed on ISE’s order book. Third, we will have the capability to route orders to other market centers if necessary to achieve the best price.”