ISE Stock Exchange

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ISE Stock Exchange
Founded September 2006
Headquarters New York, NY
Key People Andrew Brenner, president
Products Securities exchange

The ISE Stock Exchange, formed in September 2006, is the equities exchange affiliated with the International Securities Exchange (ISE). It is regulated by the Securities and Exchange Commission. Andrew Brenner is president of the exchange.

On December 23, 2008, the ISE Stock Exchange became a wholly owned subsidiary of Direct Edge Holdings, the parent company of Direct Edge ECN. Upon completion of the transaction, ISE also gained a significant equity stake in Direct Edge.[1]

The exchange lists approximately 6,000 securities, including the most common stocks and ETFs listed on the NYSE, NYSE Arca, NASDAQ and Amex from 9:30 a.m. to 4:00 p.m. (EST). Trading extends to 4:15 p.m. for ETFs that trade for the extended 15-minute time period. The ISE Stock Exchange reports quotes and trades directly to the tape, with the letter "i" used to denote ISE-disseminated quotes and trades for all equity securities.

The exchange has a dual-structure platform that integrates a dark pool, its MidPoint Match(SM), with a fully displayed stock market. The benefit to traders, according to the exchange, is the ability to have complete order protection and continuous price improvement on one singular platform.

Orders sent to the ISE Stock Exchange's Displayed Market have exposure to three liquidity pools:

  • First, they receive exposure to the non-displayed MidPoint Match (MPM) order book and may be automatically executed with price improvement.
  • If no match is found, orders are exposed in the Displayed Market.
  • If necessary, orders are then routed out to achieve the best price.


  • On December 21, 2007, ISE announced that pricing changes for the ISE Stock Exchange would result in $0.0032/$0.0030 maker/taker pricing per share for orders executed on the ISE Stock Exchange's displayed market. The pricing changes were effective on January 2, 2008.[2]
  • On September 7, 2007, just one year after it was formed, the ISE Stock Exchange traded a record 100 million shares in a single day (daily volume/most traded: [1]). This was on the heels of a 50-million-share volume record set just less than one month prior. Volume continued to mount with new daily records throughout the month. On September 19, 2007, the ISE Stock Exchange set a new daily trading volume record of 115.7 million, surpassing the previous record of 109 million shares set on September 18, 2007.