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
|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|
|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 Connectivity 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 both the current and the upcoming Releases is available by clicking on the ‘Xetra Sign In’ button on this page.
Upcoming release of ISE Xetra
ISE Xetra will be enhanced via the introduction of Xetra Release 16 on Monday, 30 November 2015.
Xetra Release 16 will include numerous functional and technical updates including the introduction of the following:
- Self-Match Prevention: A new optional service which avoids unintended self-crossing trades on the order book
- Volume Discovery Service: An optional enhancement for iceberg orders which will incorporate the existing midpoint order functionality which will be made available in Q1 2016
Please find additional information in the below documents -
Release Announcement (43 KB)
Release Description (120 KB)
ISE Xetra Market Model (429 KB)
ISE Market Parameters Xetra Release 16.0 Draft Update (280 KB)
Additional documentation will be published in the Xetra sign-in section as per the dates in the Communication Calendar (29 KB).
The new functionality can be tested in the Release 16 simulation environment, details of which can be found in the simulation calendar:
ISE Xetra Simulation Calendar (40 KB)
Members are requested to complete and return the Member Readiness Statement by Monday 23 November.
Current release of ISE Xetra
ISE Xetra was updated 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 were 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 functionality can be tested in the Release 15 simulation environment, details of which can be found in the simulation calendar:
ISE Xetra Advanced Simulation Calendar (72 KB)
ISE Xetra Advanced Simulation Calendar Rel 15/16 (106 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.
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 at www.wisdomtree.eu.
ISEQ 20 ETF (467 KB)
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, 2015, are classified as liquid under the criteria laid down by Article 22 of Commission Regulation (EC) No 1287/2006, are as follows:
|IE0030606259||Bank of Ireland Plc|
|IE00B010DT83||C&C Group Plc|
|IE0004906560||Kerry Group Plc|
|IE0004927939||Kingspan Grp Plc*|
|IE00BWT6H894||Paddy Power Plc|
|IE00B1GKF381||Ryanair Holdings Plc|
|IE00B1RR8406||Smurfit Kappa Group Plc|
* New additions to the MiFID Liquid Share List from 1 April, 2015.
The above list reflects ESMA (European Securities and Markets Authority) calculations.
A consolidated list of MiFID liquid shares is published on the ESMA website:
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)
Equity Trading Calendar and Trading Hours 2016 (38 KB)
For firms looking to become an approved clearing or settlement provider for equity trading members
For firms looking to register as primary dealers in Irish Government bonds