The International Securities Exchange, the world’s largest equity options exchange, and international derivatives exchange Eurex have announced plans to develop a new options trading syste
The International Securities Exchange, the world’s largest equity options exchange, and international derivatives exchange Eurex have announced plans to develop a new options trading system for ISE, the first joint initiative since the merger of the two companies was completed on December 19.
‘Technology is an important differentiator in today’s competitive market environment,’ says ISE chief executive Gary Katz. ‘This internally developed solution will increase the flexibility of our platform and decrease the time to market for enhancements, delivering an improved trading experience to our members.
‘Both ISE and Eurex have been at the forefront of technology development in the industry, and this new initiative will solidify our position as an innovative technology leader.’
Eurex chief executive Andreas Preuss adds: ‘The combined resources of our respective technology teams will deliver a new industry-leading options trading system for ISE as part of the synergies from the merger that added ISE to Eurex’s global network.
‘We will continue to leverage our combined distribution networks, know-how and innovation to realise revenue synergies and operational efficiencies as well as addressing the specific needs of our respective marketplaces.’
The development of the new system will be a multi-year effort that will draw upon the expertise of both ISE and the entire Deutsche Börse group’s technology teams. While the new system is under development, ISE’s options exchange will continue to operate on the OMX Click technology platform, and ISE will continue to work with OMX to support as well as enhance the current system. Eurex and ISE are currently finalising plans for the joint development effort and expect to launch the new platform in early 2011.
Eurex, which is jointly owned and operated by Deutsche Börse and SWX Swiss Exchange, is home to eurozone interest rate and equity index benchmark derivatives and includes the Eurex Repo and Eurex Bonds electronic communications for repo and bond trading as well as the integrated clearing house Eurex Clearing. The exchange’s global liquidity network comprises more than 550 direct exchange members in 20 countries.
