The International Securities Exchange (ISE) has had its second options exchange Gemini approved by the Securities Exchange Commission (SEC).
Scheduled for launch on 5 August 2013, ISE Gemini will escalate its product range over several weeks, starting with a small number of symbols and ending by trading all the most active options classes.
Gemini already has 15 approved market makers signed up to trade. The members of Gemini include both primary and competitive market makers, as well as electronic access members. Its fee schedule will be published closer to launch.
However, all non-transactional fees including membership, application, market data and trading right fees have been waived until 1 January 2014.
Managing Director of ISE’s options exchanges Boris Ilyevsky said, “We are operationally ready for the launch and in the final stages of working with our members to trade on ISE Gemini. We are excited to offer our members a new pricing structure through ISE Gemini with the same technology and market structure that are hallmarks of ISE.”