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MiFID II Transparency Puts Stress on Data Architecture

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February 1, 2003

The ISE's Cookie-Cutter Approach

By Staff Reports

One size now fits all for International Securities Exchange (ISE) members.

That's because the group has adopted the auto-execution rule. It requires that auto-execution capabilities must be provided to all participants of its electronic options market. This puts orders from customers, member firms, broker dealers and market makers on the same level.

The ISE's one size fits all trading rule will usher in a new era in the options market, said ISE vice president Bruce Goldberg.

But the move by the ISE is a direct challenge to many of its competitors, such as the American Stock Exchange and the Chicago Board Options Exchange, which could lose business. The ISE's bold move, which was recently approved by the SEC, could provide a huge incentive for institutional business.

That's because the ISE suspended fees on all block orders through the end of May. And the upstart options exchange also suspended fees on block orders for all broker dealer and proprietary orders on the iShares.