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

Fees

Order Book Executions per Month
Fee per Executed Order
0 - 5,000€1.25
5,001 - 10,000€0.75
10,001+€0.50
ATP Order Book Executions per MonthFee per ATP Executed Order
0 - 10,000€0.65
10,001+€0.50
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 2014 (220 KB)

ATP Agreement 2014 (89 KB)

**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

The ISE has outsourced the provision of its clearing and settlement facilities to Eurex Clearing AG (Eurex) and Euroclear UK & Ireland (EUI) respectively. Full details of the fees charged by Eurex can be found here. 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 and upcoming Releases is available by clicking on the ‘Xetra Sign In’ button on this page.

Upcoming release of ISE Xetra

On Monday, 1 December 2014 ISE Xetra will be enhanced via the introduction of Xetra Release 15, a mandatory update for trading members.

Xetra Release 15 will introduce 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)

Current release of ISE Xetra

ISE Xetra, and all other Xetra markets, is currently running on Xetra Release 14 which was implemented on 28 October 2013. Xetra Release 14 introduced a number of enhancements including:

  • extending the maximum validity of iceberg orders to 360 calendar days
  • providing additional details on the reason for an order deletion in the order confirmations received by trading members connecting via the FIX Gateway or the ETS interface
  • allowing trading members connecting via the FIX Gateway to receive all persistent orders via a single back-office session

The current functionality can be tested in the Release 14 advanced simulation environment, details of which can be found in the advanced simulation calendar:

ISE Xetra Advanced Simulation Calendar (29.4 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

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

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.

Rules

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:

SEDOLISINISSUER NAMEINSTRUMENT NAME
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:
http://mifiddatabase.esma.europa.eu/.

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 14 Market Model (811 KB)

ISE Xetra Release 14 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 (39 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