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.

We are pleased to confirm that ISE Xetra will be migrating to the next generation T7 trading platform with a production date in July 2017.

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 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 (220 KB)

ATP Agreement (103 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 (181 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 (39 KB)

ISE Xetra Connectivity Price List (32 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 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.

Continuing the successful strategic technology partnership with Deutsche Börse AG, the ISE will migrate its order book to the next generation T7 trading platform on Monday, 17 July, 2017. ISE T7 will ensure that the ISE continues to enhance its trading architecture for the benefit of members by providing access to a new, world class platform.

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.

The ISE will also migrate its off order book on exchange trade reporting functionality to a new system, 'ISE OBOE', on Monday 4 December. 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 Xetra Releases 16.0 and 17.0, and T7 Releases 5.0 and 6.0 is available below and also by clicking on the 'Xetra & T7 Sign In' button on this page.

Migration to T7

ISE Xetra will migrate 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. 

The simulation period for ISE T7 commenced with Cloud simulation on Monday, 6 March, 2017, followed by the full integrated simulation environment  Wednesday, 10 May.

The Simulation Guide provides details of the key dates for simulation rollout, the daily timetable, and information on the focus days that are being offered to support members' testing. The dates for each focus day are contained in the Simulation Calendar.

A simulation checklist is available to support members with their preparations.

The connection test for the ISE T7 migration will take place from 10 to 14 July 2017. All members are required to participate in the connection test, and should nominate a technical contact in advance by completing and returning the ISE T7 Release 5.0 Readiness Statement to iseT7@ise.ie by Monday 3 July 2017.

Release 5.0

Key Dates

Cloud Simulation start

Integrated Simulation start

Connection Test

Production start

6 March 2017

10 May 2017 (Full trading functionality)

11 - 14 July 2017

17 July 2017

The T7 Release 5.0 Communication Calendar provides an overview of when the T7 documentation will be published.

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.

Xetra Release 16 included several functional and technical updates including the introduction of the Self-Match Prevention - an optional service which avoids unintended self-crossing of trades on the order book.

Please find additional information in the below documents -

Release Announcement (43 KB)

Release Description (120 KB)

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)

Members should also review the ISE Market Parameters document  (344 KB), which provides information on trading parameters including:

  • order types
  • tick sizes
  • market making parameters

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

Release 17

For those member firms that will continue to access ISE Xetra for off order book trade reporting until the migration to ISE OBOE on 4 December 2017, there will be 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

Trading members can continue to connect to ISE Xetra (in advance of the migration to T7):

  • 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

Connection to the T7 platform is also possible via the above options with the complete range of the T7 interfaces available for accessing ISE T7.

The new connectivity options are available for ordering now via the Member Section on the 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 Market Parameters effective 17 July 2017 (363 KB)

Overview and Functionality

Functional Reference v5.0.1 (2,446 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 v2.1.0 (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

ISE T7 Instrument Reference Data Guide (233 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.5.0.1 (1,813 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 4th 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 19 effective 3 July (1476 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
IE0030606259Bank 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 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 16 Market Model (1386 KB)

ISE Release 16 Market Parameters for Rules Release 19 (344 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 2017 (127 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