Options

Become a Member

ISE, ISE Gemini, and ISE Mercury are registered national securities exchanges, with more than 110 broker-dealer members combined.

There are three types of memberships for ISE's options exchanges.

Primary Market Maker (PMM)

A PMM posts two-sided continuous quotes in all of the options classes to which it is appointed and undertakes special responsibilities for maintaining fair and orderly markets. On ISE, a PMM must purchase or lease the PMM trading rights assigned to the particular trading bin in order to act as a PMM in that bin. On ISE Gemini and ISE Mercury, PMMs secure trading rights from the ISE. An important advantage of having a PMM assigned to each option is that members have a point of contact who is responsible for maintaining orderly markets, answering market questions, and resolving trading-related issues.

Competitive Market Maker (CMM)

On any given day, a CMM is not required to enter quotations in the options classes to which it is appointed. When a CMM chooses to post two-sided quotations in a options class, it must maintain quotations at least 60% of the time the class is open for trading on the Exchange. On ISE, a CMM must purchase or lease CMM trading rights. For trading privileges on ISE, a CMM’s first trading right entitles that market maker to quote in option classes that account for 20 percent of the volume on the exchange, and each subsequent right provides the ability to quote in option classes that account for an additional 10 percent of volume.

On ISE Gemini and ISE Mercury, CMMs secure trading rights from ISE. The first trading right entitles that market maker to quote in option classes that account for 20 percent of the volume on the exchange. Each subsequent right provides the ability to quote in option classes that account for an additional 10 percent of the volume.

Electronic Access Member (EAM)

An EAM enters orders in all trading bins in the options market on the Exchange’s trading system, and may clear trades executed on the Exchange. To act as an EAM, it is not necessary to purchase or lease trading rights. Rather, EAMs pay a monthly EAM access fee.

 
Eligibility

Applicants must meet the following criteria:

  • Applicant must be a registered U.S. broker-dealer.
  • Applicant must have a Designated Examining Authority.
  • Applicant must either be an OCC member or submit a clearing guarantee from an ISE or ISE Gemini clearing firm.
Membership documentation

To become a member of ISE, ISE Gemini, or ISE Mercury there is specific documentation that needs to be completed. Please see below for more information:

  • Click here to find all Membership Documentation for ISE.
  • Click here to find all Membership Documentation for ISE Gemini.
  • Click here to find all Membership Documentation for ISE Mercury.

 

 

Upload Application

Upload your application and forms here.

 

 

Contact Us

Email : bizdev@ise.com
Phone# : 212-897-8171