|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|
|ATP Order Book Executions per Month*||Fee per ATP Executed Order|
|0 - 10,000||€0.65|
|10,001 - 20,000||€0.50|
|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.
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 to a new system, 'ISE OBOE', on Monday 4 December 2017. ISE OBOE will be fully MiFID II compliant and the ISE 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.
The ISE migrated to the T7 trading platform as part of Release 5.0, on Monday, 17 July, 2017.
Full details of the market model for ISE T7 are contained in the ISE T7 Release 5.0 Market Model.
In preparation for MiFID II, T7 Release 6.0 will be implemented on 4 December 2017. Further information is available below.
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. An overview of the functional and technical enhancements that will be introduced are contained in the Release Notes (updated on 6 November 2017). Full details of the functionality of ISE T7 Release 6.0 are contained within the Market Model (valid from 4th December 2017).
The enhancements can be tested in the simulation environment, available since 28 August with the cloud and since 25 September in the permanent environment. The Simulation Guide and Simulation Calendar provides details of the focus days being offered, the availability of the environment and other information important for members' preparation.
Further information will be published as set out in the ISE T7 Release 6.0 Communication Calendar.
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 (57 KB).
Other Release 16.0 documentation is available by clicking on the 'Xetra & T7 Sign In' page
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 (57 KB)
Xetra Release 17.0 is scheduled to go live on Monday, 20 November 2017. Simulation commenced on 11 September.
Members are asked to complete the ISE Xetra Release 17.0 Member Readiness Statement and return to iseT7@ise.ie by close of business on Monday, 13 November.
Please see below the ISE Member Simulation Guide and also the Simulation Calendar for 4 September - 10 December 2017:
ISE Member Simulation Guide - Release 17 (184 KB)
ISE Xetra Simulation Calendar September 04 - December 10, 2017 (20 KB)
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:
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 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)
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)
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 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)
T7 Known Limitations - Simulation v 1.0 (255 KB)
Participant Simulation Guide v.1.2 (840 KB)
T7 Common Report Engine User Guide v6.1 (1,537 KB)
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)
T7 Network Access Manual v2.0.26 (2,393 KB)
ISE T7 Release 6.0 Documents
ISE T7 Release 6.0 Market Model - valid from 4th December 2017 (431 KB)
ISE T7 Release 6.0 Release Notes - updated 17th November 2017 (214 KB)
User Manual - Short Code and Algo Certificate Upload (779 KB)
ISE T7 Release 6.0 Simu Guide.pdf (size 466.3 KB)
ISE T7 Rel 6.0 Simu Calendar 25Sep – 10 Dec2017.pdf (size 24.8 KB)
Overview and Functionality
T7 Rel 6.0 Functional and Interface Overview (1,104 KB)
T7 Rel 6.0 Known Limitations (255 KB)
T7 ETI Manual (557 KB)
T7 ETI Cash Message Reference (1,140 KB)
T7 ETI - XSD XML Representation and Layouts.zip(216 KB)
T7 FIX Gateway FIX 4.2 and 4.4 Manual (689 KB)
T7 FIX Gateway - Fiximate (746 KB)
T7 FIX Gateway - Repository(105 KB)
Market Data & Reference Data
ISE T7 Instrument Reference Data Guide (209 KB)
T7 Market and Reference Data Interfaces Manual (3,143 KB)
T7 Market and Reference Data Interfaces - XML FAST Templates - FIXML schema files(68 KB)
T7 Enhanced Order Book Interface Manual (1,377 KB)
T7 Enhanced Order Book Interface - XML Representation (19 KB)
T7 Extended Market Data Service - Trade Prices, Settlement Prices and Open Interest Data Manual (461 KB)
T7 Extended Market Data Service - Underlying Ticker - XML FAST Templates (2 KB)
T7 Extended Market Data Service - Underlying Ticker Data Manual (351 KB)
T7 Extended Market Data Service - XML FAST Templates (68 KB)
ISE T7 Participant and User Maintenance Manual (530 KB)
T7 Trader, Admin and Clearer GUI Manual (936 KB)
T7 Trader GUI, Admin GUI and Clearer GUI Installation Manual (2,153 KB)
T7 Common Report Engine User Guide (1,488 KB)
T7 XML Report Reference Manual (1,256 KB)
T7 XML Reports - Modification Notes (43 KB)
T7 Reports - XML Schema Files.zip (99 KB)
T7 Network Access Manual (2,356 KB)
T7 Disaster Recovery Process (577 KB)
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. Full details of the market model for ISE OBOE are contained in the ISE OBOE Release 1.0 Market Model (157 KB).
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, and can currently be tested in Simulation. The Simulation Guide contains important information on the preparation tasks that must be completed in advance, as well as details on the focus days that will be offered. The simulation environment has online availability during the same time as the ISE T7 simulation environment.
An overview of the new system is contained in the Release Announcement. Members can connect to the new system via a FIX session using the same leased line for connecting to ISE T7, or via a Web based User Interface (internet only). The FIX spec and a Guide to the Web UI Interface are available below.
In preparation for production, the ISE has issued a Production Access Guide which describes the tasks to be completed for the migration. The key dates are as follows:
All users to be set-up for production.
Production sessions/Web UI access to be ordered.
Member Readiness Statement to be returned.
|27 November - 1 December||Connection Test|
|4 December||ISE OBOE go-live|
ISE OBOE FIX specification (version 1.0.3) (226 KB)
ISE OBOE Web UI Manual (782 KB)
ISE OBOE Release Notes (59 KB)
Connectivity and user set-up can be done via the portal:
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)
MiFID liquid shares
The list of shares that are admitted to trading on the ISE's Main Securities Market and, which effective 8 August, 2017, are classified as liquid under the criteria laid down by Article 22 of Commission Regulation (EC) No 1287/2006, are as follows:
| IE00BYSZ9G33|| Allied Irish Banks Plc|
| CH0043238366|| Aryzta AG|
|IE00BD1RP616||Bank of Ireland Plc|
|IE00B010DT83||C&C Group Plc|
|IE00BJMZDW83||Dalata Hotel Group Plc|
|IE0004906560||Kerry Group Plc|
|IE0004927939||Kingspan Grp Plc|
|IE00BWT6H894||Paddy Power Betfair Plc|
|IE00BYTBXV33||Ryanair Holdings Plc|
|IE00B1RR8406||Smurfit 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