ISE Mercury

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ISE Mercury is the third options exchange launched by the International Securities Exchange (ISE). It began operations on February 16, 2016, bringing the total number of U.S. options markets to 14. ISE Mercury offers the same customer priority/pro-rata market structure as the ISE and ISE Gemini exchanges; however ISE Mercury will use a different fee model, a payment for order flow/rebate-driven model. The other two ISE exchanges use a version of the traditional maker-taker model.[1] Participants will access ISE Mercury through the same data center and platform as ISE and ISE Gemini.

The addition of a third exchange with a different fee model allows ISE to compete against other exchanges with a variety of fee models and target a new segment of the options market. At its launch, ISE Mercury had 28 member firms signed up, including eight market makers. It started out with twelve symbols that were selected as the first of four phases of product rollouts.[2]

ISE Mercury is an OCC participant exchange.[3]