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
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 (216 KB)

ATP Agreement (45 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 (84 KB)

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

ISE T7 Connectivity Price List (33 KB)

ISE Xetra Connectivity Price List (28 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, there will be a further release of T7, Release 6.0, to implement the technical and functional changes to the trading system required by MiFID II/MiFIR.

ISE Xetra continues to be the trading platform for the submission of off order book on exchange trade reports. This will also migrate its off order book on exchange trade reporting functionality to a new system, 'ISE OBOE', on Monday 4 December 2017. ISE OBOE will be fully MiFID II compliant and the ISE recently confirmed these arrangements for on exchange trade reporting in the Irish market under MiFID II.

Documentation relating to the ISE T7 Releases 5.0 and 6.0 is available below, and ISE Xetra Releases 16.0 and 17.0 is available below and also by clicking on the 'Xetra Sign In' button on this page.

ISE T7

The ISE migrated to the T7 trading platform as part of Release 5.0, on Monday, 17 July, 2017.

Details of the migration strategy, T7 interfaces and an overview of the market model are contained in the ISE T7 Release Notes for Rel 5.0.

Full details of the market model for the ISE T7 are contained in the ISE T7 Release 5.0 Market Model. 

ISE T7 has a production like simulation environment. The Simulation Calendar provide details of the daily timetable and the batch days.

T7 Release 6.0

T7 Release 6.0 will implement the functional and technical changes required by MiFID II / MiFIR.

Release 6.0 is scheduled for Monday, 4 December 2017, with simulation planned for 22 September 2017.

Further information will be published as set out in the ISE T7 Release 6.0 Communication Calendar.

ISE Xetra

ISE Xetra runs on the most up-to-date version of Xetra, Release 16, which was introduced on Monday, 30 November 2015.

Since 17 July 2017, ISE Xetra is available only for reporting off order book on exchange trades.  

A full description of the functionality available with ISE Xetra is described in the ISE Xetra Release 16 Market Model (1386 KB).

The current functionality can be tested in the simulation environment, the availability of which can be found in the simulation calendar:

ISE Xetra Simulation Calendar (27 KB)

ISE Xetra Advanced Simulation Calendar Rel 16 (24 KB)

ISE Xetra Release 16 Permanent Simulation Guide (135 KB)

Other Release 16.0 documentation is available by clicking on the 'Xetra & T7 Sign In' page

Release 17

For those member firms that continue to access ISE Xetra for off order book trade reporting until the migration to ISE OBOE on 4 December 2017, there is a mandatory Xetra release, Release 17.0, in November. Xetra Release 17.0 will not contain any functional changes for ISE members but will need to be installed as it is a mandatory release for all Xetra markets.

The dates of when the relevant release documentation will be published by the ISE is contained in the Communication Calendar.

The below document provides a detailed guide on trade reporting on ISE Xetra Release 17:

ISE Xetra Release 17 Market Model (65 KB)

Xetra Release 17.0 is scheduled to go live on Monday, 20 November 2017.

Simulation is scheduled from 11 September until 10 November 2017.

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 Xetra 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 5.0 Documents

ISE T7 Release 5.0 Market Model

ISE T7 Release 5.0 Simulation Guide & Calendar

ISE T7 Release Notes (864 KB)

ISE T7 Participant and User Maintenance Manual (373 KB)

ISE T7 Functional and Interface Overview (937 KB)

ISE T7 Functional Reference (771 KB)

ISE Market Parameters effective 17 July 2017 (363 KB)

Registered Trader Forms

Registered Trader Application (129 KB)

Other User Application (162 KB)

Registered Trader Cessation Form (150 KB)

Registered Trader Guidelines (37 KB)

ETI

An Introduction to the Enhanced Transaction Interface (415.4 KB)

T7 ETI Manual v1.4 (518 KB)

T7 ETI Cash Message Reference v5.0 (1,027 KB)

T7 ETI - XSD XML Representation and Layouts.zip (190 KB)

FIX

An introduction to the FIX Gateway for T7 ( 359.7 KB)

T7 FIX Gateway - Fiximate.zip (730 KB)

T7 FIX Gateway - Repository.zip (98 KB)

T7 FIX Gateway FIX 4.2 and 4.4 Manual v3.0 (643 KB)

XML

XML Reports - Reference Manual v2.2.0 (production version) (502 KB)

XML Reports - XML Schema Files.zip (production version) (96 KB)

T7 Enhanced Order Book Interface XML Representation v.5.0.3.zip (19 KB)

T7 Market & Reference Data Interfaces - XML FAST Templates - FIXML Schema Files v5.0.3.zip (simulation version) (67 KB)

T7 Underlying Ticker XML FAST Templates (production version).zip (2 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 (272 KB)

T7 Extended Market Data Service - T7 Trade Prices, Settlement Prices and Open Interest Data Manual v5.05 (production version) (454 KB)

An introduction to the Market & Reference Data Interfaces for T7 (447.3 KB)

T7 Market & Reference Data Interfaces Manual v5.0.4 (3,143 KB)

T7 Extended Market Data Services - Fast Message Templates.zip (3 KB)

T7 Extended Market Data Services - Underlying Ticker Data Manual v 5.03 (production version) (360 KB)

T7 Extended Market Data Services - Manual (simulation version) (454 KB)

T7 Enhanced Order Book Interface - Manual v5.0.3 (1,315 KB)

Simulation

T7 Known Limitations - Simulation v 1.0 (255 KB)

Participant Simulation Guide v.1.2 (840 KB)

Reports

T7 Common Report Engine User Guide v6.1 (1,537 KB)

GUI Solutions

T7 Cash Markets Trader, Admin and Clearer GUI Manual v.5.0.1 (754 KB)

T7 Cash Markets Participant and User Manual v.1.0 (373 KB)

T7 Trader GUI, Admin GUI and Clearer GUI - Installation Manual v.5.0.2 (1,843 KB)

Network Access

T7 Network Access Manual v2.0.26 (2,393 KB)

ISE OBOE

The ISE is launching a new MiFID II-compliant trade reporting system for the reporting of off order book on exchange deals in ISE instruments. The new system, ‘ISE OBOE’, will provide ISE member firms with the full suite of required MiFID II functionality for on exchange trade reporting. Existing ISE customisations, such as the specific ISE trade flags, will also be delivered together with some service enhancements.

The system, powered by the Deutsche Börse 7 Market Technology, will replace the existing ISE Xetra on exchange trade reporting functionality.

ISE OBOE will launch on 4 December 2017, which will ensure market readiness in advance of MiFID II implementation.

An overview of the new system is contained in the Release Announcement, while details of the interface are contained in the FIX specification (version 1.0).

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)

MiFID liquid shares

The list of shares that are admitted to trading on the ISE's Main Securities Market and, which effective 1 April, 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
 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 5.0 Market Model(486 KB)

ISE T7 Release 5.0 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)

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