Trading

All equities are traded on the ISE using the ISE's electronic trading system ISE Xetra . Equities can be traded on the ISE on the Order Book or by OTC. The ISE offers a transparent market in which all trades reported to ISE Xetra and information in relation to these trades is disseminated directly to the market using the ISE's data feeds.

Settlement

Standard settlement for order book and OTC trades is T+3.However settlement terms up to T+25 can be agreed prior to executing the transaction for trades conducted on an OTC basis. For more information on the settlement of equity trades please click here.

Clearing

All order book transactions in Irish equities and ETFs which are CREST settleable are cleared by the ISE Central Counterparty, Eurex Clearing AG. For more information on the central counterparty service please click here . For more information on the nature of the role of the central counterparty see Eurex Clearing AG .

Trade Reportingof Equities dealt on the Order Book

Order book trades are automatically reported through ISE Xetra to the ISE and disseminated to the market. Order book trading is conducted between 7.50 am Irish time and 4.30pm Irish time.

Off Order Book Trade Reporting of Equities

OTC trades in equities are reported using the OTC functionality of ISE Xetra or equivalent third party software. OTC trades can be reported between 6.30am until 17.15 Irish time. OTCs are reported as close to real time as possible (within 3 minutes) and after hours trades are reported before continuous trading the following day. Deferred publication of off order book trades is allowed for a period as specified in the Market Parameters and in accordance with MiFID.

For more information on the Rules associated with trading equities on the ISE please review the Rules and Market Parameters. For more information on the technical aspects of how equities are traded on the ISE please refer to the ISE Xetra page and the Market Model.