The International Securities Exchange (ISE) announced yesterday that the launch of its fully displayed stock market on Friday, December 8, was successful. The ISE Stock Exchange is a completely automated market place that offers high-speed order execution capabilities, neutral access rules and integrated access to both displayed and non-displayed liquidity pools.
“The fully displayed market significantly enhances the flexibility and functionality of the ISE Stock Exchange,” says David Krell, president and CEO, 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,” he adds.
“Displayed market orders will automatically receive triple order exposure to maximise execution quality and prevent trade-throughs,” says Andrew Brenner, head, ISE Stock Exchange. “First, orders will have the opportunity to receive price improvement from exposure to MidPoint Match (the ISE Stock Exchange’s continuous, anonymous platform for trading equities at the midpoint price of the National Best Bid and Offer). 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 centres if necessary to achieve the best price,” notes Brenner.