ISE Stock Exchange to Introduce Fully-Displayed Market on December 8.Integration with MidPoint mid·point n. 1. Mathematics The point of a line segment or curvilinear arc that divides it into two parts of the same length. 2. A position midway between two extremes. Match[TM] Offers Enhanced Trading Functionality NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- The International Securities Exchange (NYSE NYSE See: New York Stock Exchange : ISE Ise (ē`sā), city (1990 pop. 104,164), Mie prefecture, S Honshu, Japan, on Ise Bay. It is one of the foremost religious centers of Shinto, the site of the shrines of Ise. ) announced that the ISE Stock Exchange will introduce its fully-displayed stock market on Friday, December 8, 2006. Quotes and trades on the ISE Stock Exchange will be represented with the letter "I" in the tape associations. The displayed market will be seamlessly integrated with MidPoint Match[TM], a continuous, anonymous platform for trading equities at the midpoint price of the National Best Bid and Offer National best bid and offer (NBBO) is a SEC regulation requiring brokers to guarantee customers the best available ask price when buying securities, and the best available bid price when selling securities. (NBBO NBBO National Best Bid and Offer ) that was launched earlier this year. Displayed market orders will first receive exposure to the non-displayed MidPoint Match order book and may be automatically executed with price improvement. David Krell, ISE's President and Chief Executive Officer, said, "The unique combined structure of the ISE Stock Exchange will enable traders to maximize execution quality by accessing both non-displayed and displayed liquidity pools through one trading platform. Once the fully-displayed market goes live, the ISE Stock Exchange will be the first and only exchange-based, continuous crossing platform that provides this type of order interaction." The ISE Stock Exchange will be fully compliant with Regulation National Market System (Reg NMS See NetWare Management System. ). Accordingly, the Exchange has implemented full route-out capabilities and is able to receive orders routed to the ISE Stock Exchange from other venues. Orders placed on the ISE Stock Exchange will benefit from complete trade-through protection. The ISE Stock Exchange will trade the full complement of approximately 7,000 National Market System equities and ETFs by February 5, 2007. Andrew Brenner, head of the ISE Stock Exchange, noted, "On the ISE Stock Exchange, we offer not only price-protected displayed orders under Reg NMS but also price improvement through MidPoint Match. In this extremely competitive market environment, these dual benefits will provide traders with a significant advantage." ISE Background International Securities Exchange Holdings, Inc. (NYSE: ISE), through its subsidiaries, operates a family of innovative securities markets. ISE is founded on the principle that technology and competition create better, more efficient markets for investors and consists of an options exchange, a stock exchange and an alternative markets platform. ISE continually enhances its trading systems and develops new products to provide investors with the best marketplace and investment tools to trade smarter. ISE developed a unique market structure for advanced screen-based trading systems and in May 2000 launched the first fully-electronic US options exchange. Currently, ISE operates the largest U.S. equity options exchange and is among the leading options exchanges in the world. ISE offers index options, including a portfolio of proprietary index products, and enhanced market data products for sophisticated investors. ISE FX Options[TM] are slated to launch in 2007. ISE Stock Exchange, launched in September 2006 with strategic partners, includes an innovative MidPoint Match[TM] platform which offers investors continuous price improvement. It is expected that MidPoint Match will be integrated with a fully-displayed Best Bid Offer market in the fourth quarter of 2006. ISE's alternative markets business currently consists of an events market trading platform known as Longitude. Longitude's patented and proprietary technology provides a unique parimutuel structure for derivatives auctions which results in greater trading and pricing flexibility for market participants. For more information about ISE and its options exchange, visit www.iseoptions.com and for more information about ISE Stock Exchange, visit www.isestock.com. Additionally, to learn more about ISE alternative markets technology, visit www.longitude.com. Forward Looking Statements Certain matters discussed in this press release are "forward looking statements" intended to qualify for the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. from liability established by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements relate to future events or our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements, to be materially different from those contemplated by the forward looking statements. We undertake no ongoing obligation, other than that imposed by law, to update these statements. Factors that could affect our results, levels of activity, performance or achievements and cause them to materially differ from those contained in the forward looking statements can be found in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , current reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. and quarterly reports on Form 10-Q Form 10-Q See 10-Q. , as amended. |
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