Equity Trading - Irish Equity Liquidity

The leading venue for Irish equity trading

We offer our domestic and international trading members the most efficient marketplace for trading in Irish equities. We run cost-effective and easily accessible trading and post-trade systems in partnership with Deutsche Börse (ISE T7), Euroclear UK & Ireland (CREST) and Eurex Clearing AG (CCP). Our competitive pricing model incentivises our members to increase their trading activity. As a result, we remain the main pool of liquidity for Irish equities.

We are pleased to confirm that the ISE migrated to the next generation T7 trading platform on 17 July 2017. ISE T7 further enhances the performance, latency and capacity of the ISE's equity market offering and provides synergies for international firms with existing T7 connectivity to cross-connect and trade equities on the ISE.

Become a trading member

For all applicants we offer a prompt membership and connectivity process. Connecting to our trading platform, ISE T7, is straightforward and is further simplified if the applicant is already a T7 participant on Deutsche Börse or Eurex. Call us if you are interested in becoming a member firm.

Current members list

BNP Paribas Arbitrage SNCInvestec Bank plc
Campbell O’Connor & CompanyInvestec Capital & Investments (Ireland) Limited
Cantor Fitzgerald Ireland LimitedMerrill Lynch International
Citadel Securities (Europe) LimitedMerrion Stockbrokers Limited
Credit Suisse Securities (Europe) LimitedSociete Generale S.A.
DavySusquehanna International Securities Limited
Deutsche Bank AGTower Research Capital Limited
Flow Traders BVUBS Limited
GoodbodyVirtu Financial Ireland Limited
Hudson River Trading Europe LimitedWinterflood Securities Limited
Instinet Europe Limited

Fees

Order Book Executions per Month
Fee per Executed Order
0 - 5,000€1.25
5,001 - 10,000€0.75
10,001 - 20,000€0.50
20,001+€0.45
ATP Order Book Executions per Month*Fee per ATP Executed Order
0 - 10,000€0.65
10,001 - 20,000€0.50
20,001+€0.45
Other
Fee
Trade Reports**€0.05
Admission FeeNone
Annual Membership Fee€25,000

*Firms who wish to avail of our reduced order execution fees for algorithmic trading flow must sign and submit the Automated Trading Programme (ATP) Agreement and the Application for the Approval of an ATP User-ID form to the ISE.

ATP User ID Application (216 KB)

ATP Agreement (45 KB)

**This fee applies to off-order book equity and ETF deals reported through the ISE OBOE system.  A fee of €10 per trade report applies to deals submitted to the ISE for other securities. 

Fees paid by a trading member firm to connect to  ISE T7  depend on the type of connection required and the location of the member firm. Further details here:

ISE T7 Connectivity Price List (33 KB)

Clearing and settlement fees

We have outsourced the provision of our clearing and settlement facilities to Eurex Clearing AG (Eurex) and Euroclear UK & Ireland (EUI) respectively. Full details of the clearing fees charged by Eurex can be found on their website. The ISE does not charge any further clearing and settlement fees.

Trading System

On 17 July 2017 the ISE migrated its electronic order book to the next generation T7 trading platform, continuing the successful strategic technology partnership with Deutsche Börse AG. ISE T7 provides members with a low latency and efficient order book for the trading of equities and ETFs.

On 4 December, 2017, ISE T7 was upgraded to Release 6.0, to implement the technical and functional changes to the trading system required by MiFID II/MiFIR.

ISE OBOE, the new system for the submission of off order book on exchange trade reports was also launched on Monday 4 December 2017. ISE OBOE will be fully MiFID II compliant and the ISE confirmed these arrangements for on exchange trade reporting in the Irish market under MiFID II.

Documentation relating to ISE T7 Release 6.0 and ISE OBOE is available below.

Connecting to the Trading Platform

Connection to the ISE T7 platform is possible via the following options with the complete range of the T7 interfaces available:

  • by using their existing T7 connectivity
    If a participant of another T7 market becomes an ISE trading member it can connect to ISE T7 using its existing lines and significantly reduce connectivity costs
  • by ordering separate connectivity
    A broad range of connectivity options exist, including co-location, allowing trading members to choose a connection which suits their particular needs
  • via an ISE-registered service provider
    Service providers can provide trading members with a technical connection to ISE T7 as well as additional services such as front-end software

Members can order connectivity via the Member Section on the Deutsche Börse website:

https://member.deutsche-boerse.com/irj/portal

Full details of the available interfaces, the bandwidth options, and pricing, are available here.

ISE T7 Release 6.0 Documents

ISE T7 Release 6.0 Market Model (431 KB)

ISE T7 Release 6.0 Release Notes (214 KB)

ISE T7 Incident Handling Guide (459 KB)

ISE T7 Simulation Calendar (11th December 2017 - 25th March 2018) (23 KB)

Registered Trader Forms

Registered Trader Application (223 KB)

Other User Application (162 KB)

Registered Trader Cessation Form (150 KB)

Registered Trader Guidelines (37 KB)

Short Code Mapping File Upload

User Manual - Short Code and Algo Certificate Upload (779 KB)

FWB/Eurex - SFTP Connection Guide (3,934 KB)

Simulation Guide

ISE T7 Release 6.0 Simu Guide.pdf (size 466.3 KB)

ISE T7 Rel 6.0 Simu Calendar 25Sep – 10 Dec2017.pdf (size 24.8 KB)

Overview and Functionality

T7 Rel 6.0 Functional and Interface Overview (1,104 KB)

Simulation

Simulation Calendar - 11 December 2017 to 25 March 2018 (23 KB)

T7 Rel 6.0 Known Limitations (255 KB)

ETI

T7 ETI Manual (557 KB)

T7 ETI Cash Message Reference (1,140 KB)

T7 ETI - XSD XML Representation and Layouts.zip(216 KB)

FIX

T7 FIX Gateway FIX 4.2 and 4.4 Manual (689 KB)

T7 FIX Gateway - Fiximate (746 KB)

T7 FIX Gateway - Repository(105 KB)

Market Data & Reference Data

The reference data file can be downloaded under this link: http://deutsche-boerse.com/ISE-T7/

ISE T7 Instrument Reference Data Guide (209 KB)

T7 Market and Reference Data Interfaces Manual (3,143 KB)

T7 Market and Reference Data Interfaces - XML FAST Templates - FIXML schema files(68 KB)

T7 Enhanced Order Book Interface Manual (1,377 KB)

T7 Enhanced Order Book Interface - XML Representation (19 KB)

T7 Extended Market Data Service - Trade Prices, Settlement Prices and Open Interest Data Manual (461 KB)

T7 Extended Market Data Service - Underlying Ticker - XML FAST Templates (2 KB)

T7 Extended Market Data Service - Underlying Ticker Data Manual (351 KB)

T7 Extended Market Data Service - XML FAST Templates (68 KB)

GUI Solutions

ISE T7 Participant and User Maintenance Manual (530 KB)

T7 Trader, Admin and Clearer GUI Manual (948 KB)

T7 Trader GUI, Admin GUI and Clearer GUI Installation Manual (2,153 KB)

Reports

T7 Common Report Engine User Guide (1,488 KB)

T7 XML Report Reference Manual (1,257 KB)

T7 XML Reports - Modification Notes(43 KB)

T7 Reports - XML Schema Files.zip (99 KB)

Network Access

T7 Network Access Manual (2,356 KB)

T7 Disaster Recovery Process (577 KB)

ISE OBOE Documents

ISE OBOE Release 1.0 Market Model (157 KB)

ISE OBOE Production Access Guide (1,275 KB)

ISE OBOE FIX specification (version 1.0.3) (226 KB)

ISE OBOE Web UI Manual (782 KB)

ISE OBOE Release Notes (59 KB)

Members can connect to the new system via a FIX session using the same leased line for connecting to ISE T7, or via a Web based User Interface (internet only). The FIX spec and a Guide to the Web UI Interface are available above. 

Connectivity and user set-up can be done via the portal:

https://member.regulatoryreportinghub.com/irj/portal

Post-trade systems

We have established partnerships with international post-trade systems for the clearing and settlement of ISE trades. Clearing is carried out by Eurex Clearing AG and settlement is provided by Euroclear UK & Ireland via the CREST system. For more information on clearing and settlement, please visit our Clearing and Settlement page or contact us directly.

ISEQ 20 ETF

With a low and competitive Total Expense Ratio (TER), the WisdomTree ISEQ 20 UCITS ETF enables simple, cost-effective and diversified exposure to 20 of the leading companies on the ISE.

The latest pricing information for this ETF can be found in the Market Data & Announcements section of our website.

Further information regarding the WisdomTree ISEQ 20 UCITS ETF can be found in the brochure below or on WisdomTree's website.

ISEQ 20 ETF (467 KB)

Rules

All trading members are subject to the Rules:

Member Firm Rules - Release 20 effective 17th July 2017 (1,397 KB)

Member Firm Rules - Release 21 effective 3rd January 2018 (1,387 KB)

MiFID liquid shares

The list of shares that are admitted to trading on the ISE's Main Securities Market and, which effective 8 August, 2017, are classified as liquid under the criteria laid down by Article 22 of Commission Regulation (EC) No 1287/2006, are as follows:

ISINISSUER NAME
 IE00BYSZ9G33 Allied Irish Banks Plc
 CH0043238366 Aryzta AG
IE00BD1RP616Bank of Ireland Plc
IE00B010DT83C&C Group Plc
IE0001827041CRH Plc
IE00BJMZDW83Dalata Hotel Group Plc
IE0000669501Glanbia Plc
IE0004906560Kerry Group Plc
IE0004927939Kingspan Grp Plc
IE00BWT6H894Paddy Power Betfair Plc
IE00BYTBXV33Ryanair Holdings Plc
IE00B1RR8406Smurfit Kappa Group Plc

The above list reflects ESMA (European Securities and Markets Authority) calculations.

A consolidated list of MiFID liquid shares is published on the ESMA website

Trading FAQs

Where can I obtain a copy of the securities admitted to trading on the ISE and their identifiers?

Please go to the Market Data and Announcements section of our website where such information is available.

Where can I find information on the volatility safeguards on ISE T7?

Volatility interruptions can occur on ISE T7 if the potential execution price deviates considerably from the last order book price or from the last auction price. The volatility allowed is decided on a per instrument basis taking a number of factors into account. However these figures are not disclosed to the market. Further details on the functionality of volatility parameters can be found in the Market Model and Market Parameters below:

ISE T7 Release 6.0 Market Model(431 KB)

ISE T7 Release 6.0 Market Parameters for Rules Release 20 (338 KB)

What are the tick sizes for securities on ISE T7?

For order book trading, the tick size for orders is 0.001 for all securities with the exception of debt securities (0.001%) and orders in the constituent securities of the ISEQ 20 which follow the FESE Table 4, which can be found in the Market Model.

For off order book trading, the tick size is 0.0001 for all equity securities and 0.001% for all debt securities.

Trading calendar and trading hours

Equity Trading Calendar and Trading Hours 2017 (44 KB)

Equity Trading Calendar and Trading Hours 2018 (44 KB)

Other Membership

CONTACT US

Niall Gibney, Head of Traded Market Development at the Irish Stock Exchange, Dublin

Niall Gibney

+353 1 6174272

niall.gibney@ise.ie

 

Conor Miles, Traded Markets Development Manager at the Irish Stock Exchange, Dublin

Conor Miles

+353 1 6174215

conor.miles@ise.ie