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Membership and Trading

Types of Membership

This section of the website deals with investment firms and banks that are interested in becoming member firms of the ISE.

Becoming a Member Firm of the ISE : This details how corporate members can access the ISE's markets. The ISE has five classes of membership available to applicants:

  • General Trading Member Firm
  • Restricted Trading Member Firm
  • Primary Dealer
  • Settlement Only Member Firm
  • Clearing Member Firm

A General Trading Member Firm may be authorised to trade in order book securities (equities, ETFs and securities admitted to trading on the Global Exchange Market (GEM) which trade on ISE Xetra®), Irish Government Bonds and/or other securities on the ISE. Member firms trading in order book securities will need to have a connection to ISE Xetra®, a process which is simplified if the applicant is already a Xetra participant on Deutsche Borse. Member Firms may choose to connect directly to ISE Xetra®,  or use the services of a Service Provider. A General Trading Member Firm may also settle and clear its on Exchange business. For member firms trading on ISE Xetra it will also be necessary to arrange access to CREST to settle trades in equities and ETFs  and to make arrangements to clear CCP eligible trades on Eurex Clearing AG, the Central Counterparty (CCP) for the Irish market. General Trading Member Firms who are approved to trade in the debt and derivative securities admitted to ISE Xetra may also need to arrange access to to Euroclear Bank Brussels, Clearstream Banking Luxembourg or the DTCC to settle trades in those securities.

A Restricted Trading Member Firm is a firm that is authorised solely to conduct trades on the ISE's order book in CCP eligible stocks in a principal capacity. A Resticted Trading Member Firm is required to establish the same trading and post-trade connections as a General Trading Member Firm, as outlined above, although a Restricted Trading Member Firm is not permitted to clear its own business and must therefore establish its clearing relationship for business conducted on the ISE as a Non Clearing Member (NCM).

A Primary Dealer in Irish Government Bonds must initiate a consultation process with the NTMA in order to satisfy the NTMA as to its credentials for acting as a primary dealer. It will also be necessary to have access to one of the electronic trading platforms recognised by the NTMA and to Euroclear for the clearing and settlement of trades conducted in Irish Government bonds.

A Clearing Member Firm is authorised to clear order book trades in CCP eligible securities only.

A Settlement Only Member Firm is authorised to provide settlement services in relation to on-exchange trades only.

Current List of Member Firms | : This provides a current list of member firms of the ISE.

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