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 Euronext Dublin migrated to the next generation T7 trading platform on 17 July 2017. ISE T7 further enhances the performance, latency and capacity our equity market offering and provides synergies for international firms with existing T7 connectivity to cross-connect and trade equities on Euronext Dublin.

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. 

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 Euronext Dublin 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 (27 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. Euronext Dublin does not charge any further clearing and settlement fees.

Full details regarding our Membership and Trading fee structures can be found in the following document:

Membership and Trading Fee Structures - effective 3rd January 2018 (21 KB)

Trading System

On 17 July 2017 Euronext Dublin 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. For further information on the MiFID II aspects of ISE T7, please refer to the 'MiFID II' section below.

ISE T7 will be further enhanced with the implementation of Release 6.1, scheduled for 18 June 2018. Release 6.1 will introduce enhancements to the trading and reference data interfaces. Further information is contained in the ISE T7 Release 6.1 Release Notes. Release relevant documentation will be published in accordance with the Communication Calendar. The new release can be tested in the permanent Simulation environment from 30 April.

ISE OBOE, the system for the submission of off order book on exchange trade reports was also launched on Monday 4 December 2017. ISE OBOE is fully MiFID II compliant.

Documentation relating to ISE T7 Release 6.0, Release 6.1 and ISE OBOE is available below.

MiFID II - ISE T7

The new order entry fields required by MiFID II were introduced with T7 Release 6.0, and became mandatory on 3 January 2018.

In addition, the requirement to upload algo certificates and the short code / long code mapping file also became a mandatory requirement from 3 January. The upload can be done via the Xetra member portal or via SFTP. The ISE implemented the MiFID II tick sizes from commencement of trading on Tuesday 2 January 2018.

Full details of the new fields and the file uploads are contained in the Release Notes and the ISE T7 Market Model, available for download from the ISE T7 Release 6.0 Documents section. Information is also contained in the following document:

Information handbook for audit trail, transaction and other regulatory reportings under the MiFID II/MiFIR regime (604 KB)

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 (536 KB)

ISE T7 Trading System Usage Guidelines (34 KB)

ISE T7 Release 6.0 Release Notes (214 KB)

ISE T7 Incident Handling Guide (459 KB)

Registered Trader Forms

Registered Trader Application (47 KB)

Other User Application (78 KB)

Registered Trader Cessation Form (66 KB)

Registered Trader Guidelines (113 KB)

Short Code Mapping File Upload

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

FWB/Eurex - SFTP Connection Guide (1,811 KB)

Simulation

ISE T7 Release 6.0 Simu Guide  (size 466.3 KB)

ISE T7 Simulation Calendar (26th March 2018 - 2nd September 2018) (27 KB)

T7 Rel 6.0 Known Limitations (255 KB)

Production

T7 Rel 6.0 Known Limitations (247 KB)

Overview and Functionality

ISE T7 Functional Reference (771 KB)

T7 Rel 6.0 Functional and Interface Overview (1,074 KB)

ETI

T7 ETI Manual (557 KB)

T7 ETI Cash Message Reference (1,141 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 (529 KB)

T7 Trader, Admin and Clearer GUI Manual (952 KB)

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

Reports

T7 Common Report Engine User Guide (1,500 KB)

T7 XML Report Reference Manual (1,261 KB)

T7 XML Reports - Modification Notes (23 KB)

T7 Reports - XML Schema Files.zip (100 KB)

Network Access

T7 Network Access Manual (2,356 KB)

T7 Disaster Recovery Process (577 KB)

ISE T7 Release 6.1 Documents

ISE T7 Release 6.1 Preliminary Release Notes (240 KB)

ISE T7 Release 6.1 Communication Calendar (22 KB)

Simulation

ISE T7 Release 6.1 Simulation Guide (370 KB)

ISE T7 Simulation Calendar (30th April 2018 - 2nd September 2018) (19 KB)

T7 Rel 6.1 Known Limitations (257 KB)

Overview and Functionality

ISE T7 Rel 6.1 Functional Reference (668 KB)

ISE T7 Rel 6.1 Functional and Interface Overview (1,067 KB)

Trading Interfaces

T7 ETI - Manual (558 KB)

T7 ETI - Cash Message Reference(1,098 KB)

T7 ETI - XSD XML representation and layouts.zip (222 KB)

T7 FIX Gateway FIX 4.2 and 4.4 Manual (699 KB)

T7 FIX Gateway - Fiximate.zip (767 KB)

T7 FIX Gateway - Repository.zip (108 KB)

Market and Reference Data Interfaces

T7 Extended Market Data Service - T7 Trade Prices, Settlement Prices and Open Interest Data Manual (465 KB)

T7 Extended Market Data Service - XML FAST Templates (4 KB)

T7 Extended Market Data Service - Underlying Ticker Data Manual (364 KB)

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

T7 Market and Reference Data Interfaces - Manual v.6.1 (3,152 KB)

T7 Market + Reference Data Interfaces - XML FAST Templates - FIXML schema files v.6.1.zip (68 KB)

T7 Enhanced Order Book Interface - Manual v.6.1 (1,380 KB)

T7 Enhanced Order Book Interface - XML Representation v.6.1.zip (19 KB)

GUI Solutions

ISE T7 Rel 6.1 - Participant and User Maintenance Manual (521 KB)

T7 Rel 6.1 Trader, Admin and Clearer GUI Manual (1,012 KB)

T7 Rel 6.1 Trader GUI, Admin GUI and Clearer GUI - Installation Manual (2,153 KB)

Reports

T7 Rel 6.1 XML Report Reference Manual (1,238 KB)

T7 Rel 6.1 XML Report Manual Modification Notes (42 KB)

T7 Rel 6.1 XML Reports - XML Schema Files (98 KB)

T7 Rel 6.1 Common Report Engine (CRE), User Guide (1,505 KB)

Network Access

T7 Rel 6.1 Network Access Manual (2,425 KB)

Short Code Mapping File Upload

Information Handbook for audit trail, transaction and other regulatory reporting under MiFID II (746 KB)

ISE OBOE Documents

ISE OBOE Release 1.2 Market Model (138 KB)

ISE OBOE Production Access Guide v1.5 (1,238 KB)

ISE OBOE FIX specification (version 1.0.5) (257 KB)

ISE OBOE Web UI Manual (617 KB)

Members can connect to the ISE OBOE 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 Euronext Dublin 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.

MiFID II Liquidity Providers

Euronext Dublin operates one Liquidity Provider Programme under MiFID II. Firms engaged in algorithmic trading to pursue a market making strategy and meeting the defined criteria set out in MiFID II are required to register and meet the following obligations for all relevant Euronext Dublin securities:

PresenceVolumeBid-Ask Spread
50%No minimum requirement5% max*

During stressed market conditions no maximum bid-ask spread will apply. 

* 5% also constitutes the maximum bid-ask range for the purposes of firms assessing the competitive prices of their orders. 

A list of firms signed up to the Liquidity Provider Programme, including the financial instruments covered, is set out below:

FirmInstrumentISIN
Hudson River Trading EuropeRyanair Holdings plcIE00BYTBXV33
Paddy Power Betfair plcIE00BWT6H894
Kingspan Group plcIE0004927939
Bank of Ireland Group plcIE00BD1RP616
Glanbia plcIE0000669501
CRH plcIE0001827041
Kerry Group plcIE0004906560
Smurfit Kappa Group plcIE00B1RR8406

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 Euronext Dublin.

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 22 effective 27th March 2018 (1,386 KB)

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 below:

ISE T7 Release 6.0 Market Model  (536 KB)

Trading calendar and trading hours

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