Introduction
ISE Xetra® is the electronic trading system of the Irish Stock Exchange and is used for the trading of equities and ETF securities from the Main Market, equities from the IEX market, and debt and other securities from the GEM (hereafter referred to as "order book securities") which have been admitted to trading by the Exchange. ISE Xetra® is the product of a strategic technology partnership between the Irish Stock Exchange and the Deutsche Borse in
Recent Developments
From 14th September 2009, the ISE Xetra® trading platform was further enhanced when it was migrated to its own back end, separate to that of Xetra®
On 14th September, the Exchange also introduced the Enhanced Broadcast Soluion and Enhanced Transaction Solution for ISE Xetra. Further information is available here.
On 9th November, the Exchange introduced a new order type, the hidden order. The hidden order is similar to the existing limit order, except that it avails of the orders large in scale pre-trade transparency waiver of MiFID and is therefore not displayed on the ISE Xetra order book. The new order type further enhances the ISE Xetra functionality. Further information on the characteristics of the hidden order is available in the Market Model, below.
ISE Xetra® Release Information
The ISE Xetra trading platform is regularly enhanced by the introduction of additional trading functionality with each new updated Xetra Release. With Release 8.1 in November 2007, additional trade indicators were introduced to meet the requirements of the Markets in Financial Instruments Directive (MiFID). ISE Xetra® already met the requirement of MiFID to provide full disclosure of order book and trade information. In 2008, Release 9.1 introduced the midpoint order, the Exchange's first order which enabled dark pool trading on ISE Xetra.
ISE Xetra is currently operating on Release 10.1. Documentation issued with the release is available here .
The next release of ISE Xetra, Release 11, is scheduled for 28th June 2010. Details of the functional and technical enhancements introduced with the release are available here .
For member firms wishing to test in the simulation environment, the simulation calendar is available here .
Further details in relation to the operation of ISE Xetra® are outlined in the Market Model .
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