Options Product News
Preview of Upcoming exchange enhancements
The next Exchange release is scheduled for June 28, 2010. The new features will include Reserve Spreads, Step Up and Match for crossing orders*, and Do Not Route orders*.
- Step Up and Match for crossing orders: Solicitation, Facilitation, and PIM orders can be submitted with a step up price, providing additional opportunity for the original orders to cross. The step up price may be either limit or market.
- Do Not Route orders: Orders can be designated as 'Do Not Route' to prevent them from being routed to an away Exchange.
PrecISE, FIX, and API platforms will support this functionality.
More information will follow in the coming weeks or you can contact ISE Business Development at 212-897-8171 or bizdev@ise.com.
*Pending SEC approval.
PrecISE Trade® Fee Waiver
ISE recently introduced a fee waiver for new PrecISE users. Under this new program, which went into effect on May 3, 2010, the first two months of PrecISE fees are waived for all new users, including traders, back office users and sponsored customers. This fee waiver is an opportunity for members and their sponsored customers to try PrecISE without incurring fees as they familiarize themselves with the application and the functionality it offers.
To request a new PrecISE user or for more information, please contact ISE Business Development at 212-897-8171 or precise@ise.com.
Risk Management Tools
The market events of May 6, 2010 illustrated the importance of comprehensive risk management tools. As a reminder, members connecting through FIX can now set hard risk parameters for their own connections or Sponsored Customers. This enhanced functionality, also available in PrecISE Trade, provides members and their customers with even more real-time risk protection.
Order Drop Copy reports are also available for orders routed via PrecISE, FIX, and API along with Trade Drop Copy reports, allowing for enhanced risk management and more efficient order and trade information maintenance.
In addition, PrecISE users can be entitled to view order and trade information across multiple desks, business units and/or sponsored customers. The PrecISE Master User provides greater visibility into trader activity in real-time for risk managers as well as more manageable back office post-trade allocation functions.
Index and ETF Product News
ISE's Expanding Portfolio of ETFs
There are now eight Exchange Traded Funds (ETFs) based on ISE indexes with collective assets under management of about $625 million, and new ETFs are on the way.
If you are interested in partnering with ISE to create new ETFs or structured notes, please contact either Kris Monaco (kmonaco@ise.com) or Mark Abssy (mabssy@ise.com).
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*Launched in April 2010
**Launched in March 2010
FX options News
Market Maker Incentive Programs Expanding
ISE is expanding its market maker incentive programs to new FX and index products. Market makers are now eligible to participate in a revenue sharing plan. Please contact Kris Monaco (kmonaco@ise.com) if you are interested in learning more about this program.
Extended Hours for ISE FX Options Trading
Trading in ISE FX Options® now opens at 7:30 a.m. ET. With this change that went into effect on April 30, 2010, ISE will be able to more readily accommodate participants from other time zones, especially those in the UK and other countries in Western Europe who are active in the foreign exchange markets prior to 9:30 a.m. ET.
For more information, visit www.ise.com/fx.
ISE Market Data News
ISE recently introduced the ISE Order Feed, which notifies subscribers when a new order is placed on the order book. Subscribers now have access to a real-time snapshot of orders that are not immediately executed at the BBO.
The ISE Order Feed is available free of charge to members and non-members from now until July 1during the beta period. The following are highlights of the new feed:
- Notifies subscribers of new orders as they are placed on the order book in real time
- Includes individual order information including side, price, size, and customer indicator
- Contains Member ID, CMTA, and/or Give Up information when optionally disclosed by entering firm
- Excludes quote traffic resulting in reduced bandwidth and processing requirements
The ISE Order Feed is the latest offering in ISE's suite of market data products. Additional information, including the programmer's guide and sample data, is available on ISE's website at www.ise.com/orderfeed.
For more information about ISE's suite of market data products, please visit www.ise.com/marketdata. |
