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 Xetra), 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.

Become a trading member

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

Current members list

BNP Paribas Arbitrage SNCInvestec Capital & Investments (Ireland) Limited
Campbell O’Connor & CompanyMerrill Lynch International
Cantor Fitzgerald Ireland LimitedMerrion Stockbrokers Limited
Credit Suisse Securities (Europe) LimitedNeonet Securities AB
DavyRoyal Bank of Scotland N.V.
Flow Traders BVSociete Generale S.A.
GoodbodySusquehanna International Securities Limited
Hudson River Trading Europe LimitedUBS Limited
Instinet Europe LimitedVirtu Financial Ireland Limited
Investec Bank plcWinterflood Securities Limited


Order Book Executions per Month
Fee per Executed Order
0 - 5,000€1.25
5,001 - 10,000€0.75
ATP Order Book Executions per Month*Fee per ATP Executed Order
0 - 10,000€0.65
Trade Reports**€0.05
Admission FeeNone
Annual Membership Fee€25,000
Annual Trade Reporting Membership Fee***€1,000

*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 2014 (220 KB)

ATP Agreement 2014 (89 KB)

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

***Trade reporting (only) member firms pay an annual charge of €1,000 to access the €0.05 fee per trade report for off-exchange trades in non-ISE EU Regulated Market securities in accordance with the ISE’s MiFID Post-trade Transparency Service. Further details here:

MiFID Post Trade Transparency (90 KB)

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

ISE Xetra Price List (52 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 - ISE Xetra

ISE Xetra is the electronic trading system for equities and ETFs and results from our strategic technology partnership with Deutsche Börse AG.

Xetra’s performance and functionality has made it one of the world’s leading trading systems. Its built-in back-up facility strengthens its resilience guaranteeing close to 100% service levels for our trading members.

ISE Xetra is regularly enhanced via new Releases. This ensures that it continues to be reliable and up-to-date. Documentation relating to the current Release is available by clicking on the ‘Xetra Sign In’ button on this page.

Current release of ISE Xetra

ISE Xetra was enhanced via the introduction of Xetra Release 15 on Monday, 1 December 2014.

Xetra Release 15 introduced functional and technical updates in a number of areas including risk management, market integrity, the market model and system stability. In particular, the following updates will be made:

  • Trading Risk Limits: A new system-based risk management tool to reduce their operational and market risk
  • Adjustment of the TOP order: The existing TOP order will be amended to bring its operation in line with the TOP+ order
  • Xetra FIX Interface: Amendments will be made to the Xetra FIX Gateway to allow for improved reconciliation of the FIX order portfolio

Please find additional information in the Release Announcement and Release Description. 

Release Announcement (46 KB)

Release Description (142 KB)

The new functionality can be tested in the Release 15 simulation environment, details of which can be found in the simulation calendar:

ISE Xetra Rel 15 Simulation Calendar (52 KB) 

ISE Xetra Advanced Simulation Calendar (72 KB)

Connecting to ISE Xetra

Trading members can connect to ISE Xetra:

  • by using their existing Xetra connectivity
    If a participant of another Xetra market becomes an ISE trading member it can connect to ISE Xetra 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 Xetra as well as additional services such as front-end software

ISE Xetra Release 15 Market Parameters (242 KB)

This document is designed to be read by trading members alongside the Rules. Topics include:

  • trading securities on ISE Xetra
  • trading in government bonds and other securities
  • market making parameters

ISE Xetra Release 15 Market Model (811 KB)

This document provides a detailed guide on trading on ISE Xetra.

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.


All trading members are subject to the Rules:

Member Firm Rules - Release 17 (370 KB)

MiFID liquid shares

The list of shares that are admitted to trading on the ISE's Main Securities Market and, which effective 1 April, 2014, are classified as liquid under the criteria laid down by Article 22 of Commission Regulation (EC) No 1287/2006, are as follows:

3060625IE0030606259Bank of Ireland Plc*Ordinary Shares
B010DT8IE00B010DT83C&C Group Plc*Ordinary Shares
0182704IE0001827041CRH PlcOrdinary Shares
0490656IE0004906560Kerry Group PlcOrdinary Shares
0258810IE000258810Paddy Power PlcOrdinary Shares
B1GKF38IE00B1GKF381Ryanair Holdings PlcOrdinary Shares
B1RR840IE00B1RR8406Smurfit Kappa Group PlcOrdinary Shares

* New additions to the MiFID Liquid Share List from 1 April, 2014.

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 Xetra?

Volatility interruptions can occur on ISE Xetra 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 Xetra Release 15 Market Model (811 KB)

ISE Xetra Release 15 Market Parameters (242 KB)

What are the tick sizes for securities on ISE Xetra?

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 2015 (39 KB)

Other Membership


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

Niall Gibney

+353 1 6174272



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

Conor Miles

+353 1 6174215