ISE Stock Exchange/Partnership With Direct Edge
The ISE Stock Exchange launched in September 2006 and is an electronic marketplace offering two primary capabilities on one platform: "MidPoint Match" and "Displayed Market". "MidPoint Match" is an exchange-based, non-displayed market. Members can use MidPoint Match to trade equities instantaneously at the exact midpoint price of the National Best Bid and Offer (NBBO). Displayed market is a fully electronic displayed market of the Best Bid and Offer trading the common stocks and ETFs listed on the NYSE, Nasdaq and Amex.
The ISE Stock Exchange became a wholly owned subsidiary of ECN Direct Edge in December 2008. ISE now holds ownership stake in the company. Direct Edge will continue with its efforts to submit two Form 1 applications to gain exchange status for the purpose of operating EDGA and EDGX as newly registered national securities exchanges. Until SEC approval of the two exchange licenses is granted, Direct Edge will utilize the ISE Stock Exchange for quotation display and tradethrough protection in the National Market System. During this period, the ISE Stock Exchange will continue to operate as a facility of ISE, LLC. ISE will also provide data center and regulatory services for Direct Edge exchange subsidiaries once they become part of the National Market System.
Read more about this topic: International Securities Exchange
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