Deutsche Börse-owned International Securities Exchange (ISE) will launch its second US options exchange before the end of Q2, the company said yesterday. The launch is subject to market watchdog the Securities and Exchange Commission (SEC) granting it a second exchange license.
The new exchange, ISE Gemini, will use the same technology and connectivity underpinning existing its options bourse, which last month became the second largest options exchange with 17.5% market share.
In a statement, ISE CEO Gary Katz said the new exchange would offer member firms a choice of market and pricing models. No information was available yesterday on fees or products.
Combined, the firm said the two exchanges would "drive growth and innovation" at ISE.
ISE Gemini will bring the number of options exchanges to 12, following the December launch of Miami International's MIAX bourse. MIAX focuses on Latin American markets.
Data from last month for ISE's existing exchange showed a 11.7% fall in average daily volumes - including equity, ETF, index and FX options - compared with March 2012, and a -19.7 drop in total volumes.