US-based options venue the International Securities Exchange (ISE) is attempting to attract traders to its proprietary front-end trading terminal, PrecISE Trade, by extending a fee waiver for new users by two months.
The PrecISE Trade platform offers direct access to the exchange as well as risk management tools and market data. It is designed to support all exchange order types and functionality including complex orders, tied-to-stock options orders, crossing orders and sweep functionality to access other exchanges.
Users will have access to real time market data as well as ISE's depth of markets feed, the ISE spread book feed and real time options Greeks. In addition, the terminal offers order management tools and post-trade clearing and allocation functions.
All new users, including traders, back office users and sponsored customers, are eligible for the fee waiver, which was first introduced in May 2010.
“PrecISE allows for consolidated access to order and trade activity for multiple desks or business units within a member firm,” said Boris Ilyevsky, managing director of ISE's options exchange. “In anticipation of impending regulation on sponsored access, ISE is proactively providing sponsoring firms with important risk management features, including the ability to set risk parameters and monitor orders in real time.”
The ISE is rumoured to be planning the introduction of a second market for trading US stock options, according to media sources. The platform would incorporate a different market model and use new trading technology that the ISE plans to introduce later this year, increasing the number of US options exchanges to 10.
The ISE expanded its modified maker-taker pricing programme last month, to cover 100 instruments from 1 September 2010.