The International Securities Exchange (ISE) today announced that it has introduced a new ISE Order Routing System (IORS2) for its options exchange. The new, internally developed routing system connects ISE members using API or FIX connections to ISE's options exchange interface. In developing IORS2, ISE's software development team leveraged technology developed for other ISE applications, such as the PrecISE Trade® front-end, to significantly decrease the latency of this critical application in ISE's exchange architecture.
Daniel Friel, ISE's Chief Information Officer, said, "With the introduction of IORS2, we have dramatically reduced latency for members connected to our options exchange. Additionally, we will have greater flexibility in maintaining the application and introducing future enhancements since we built the system using our own in-house development resources."
The IORS2 project adds to the ISE development team's extensive list of successful internal development projects for the options exchange, which includes the ISE market surveillance system, complex order trading functionality, and PrecISE. ISE also designed and built the ISE Stock Exchange completely in-house.
ISE Background
The International Securities Exchange operates a family of fully electronic trading platforms, creating efficient markets through innovative technology and market structure. ISE's markets portfolio consists of an options exchange and a stock exchange. As the world's largest equity options trading venue, ISE offers options on equities, ETFs, indexes, and FX. The ISE Stock Exchange trades approximately 6,000 products, and is the only fully electronic equities platform that provides the opportunity for continuous price improvement through the interaction of its non-displayed liquidity pool, MidPoint Match, and its displayed stock market. ISE Alternative Markets is scheduled to launch in 2008 and will offer a parimutuel trading platform for derivatives auctions. To complement its markets and enable investors to trade smarter, ISE creates innovative new products including a portfolio of proprietary indexes and enhanced market data for sophisticated investors.
ISE is a wholly owned subsidiary of Eurex, a leading global derivatives exchange. Eurex itself is jointly owned by Deutsche Börse AG (Ticker: DB1) and SWX Swiss Exchange. Together, Eurex and ISE are the global market leader in individual equity and equity index derivatives.