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 Securities Market, equities from the ESM market, and debt and other securities from the GEM which have been admitted to trading by the ISE (hereafter referred to as "order book securities") . ISE Xetra® is the product of a strategic technology partnership between the Irish Stock Exchange and Deutsche Börse Group in Germany which operates the Xetra® platform. The Xetra® system is considered one of the most advanced and reliable securities trading systems in the world with a high level of resilience and a built in back-up facility which enables it to perform consistently at almost 100% service levels for member firm participants.

Further details in relation to the operation of ISE Xetra® are outlined in the Market Model.

Recent Developments

28th June 2010 - ISE Xetra® Release 11.0 was successfully implemented introducing a range of technical and functional enhancements to the ISE Xetra® trading platform. For further information, please click here.

9th November 2009 - introduction of a new order type, the hidden order. Similar to the existing limit order, except that it avails of the orders large in scale pre-trade transparency waiver of MiFID, the hidden order is not displayed on the ISE Xetra® order book. Further information on the characteristics of the hidden order is available in the Market Model, below.

14th September 2009 - the ISE Xetra® trading platform was migrated to its own back end, separate to that of Xetra® Frankfurt,  delivering greater functional independence and flexibility to ISE Xetra®. For further detailed information in relation to the project and associated documentation, please click here.

14th September 2009 - the Enhanced Broadcast Solution and Enhanced Transaction Solution were introduced for ISE Xetra. Further information is available here. 

ISE Xetra® Simulation

ISE Xetra® also provides a production-like simulation test environment. For member firms wishing to test in the simulation environment, the simulation calendar is available here . Specific focus days for the testing of the market reset and market reallocation messages are marked in the calendar.

The Advanced Simulation environment is currently being converted to Release 11.0 and will be available from Monday 26th July. The Advanced Simulation Calendar is also available below for downloading.

ISE Xetra MiFID Post-Trade Transparency Service

ISE Xetra® also offers a trade reporting only facility to enable member firms to meet the post-trade transparency requirements of MiFID. Further information is available here.

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