About the ISE Stock ExchangeThe ISE Stock Exchange is a completely electronic marketplace that offers high-speed order execution capabilities, a competitive pricing structure and neutral access rules.For additional information, check out the "Spotlight", a monthly e-newsletter that highlights important devolpments at the ISE Stock Exchange, including a recap of our Average Daily Volume, price improvement, Quote Revenue Sharing Program, top of book, and the top 20 most active securities.Overview MidPoint Match Displayed Market Order Destination Overview The ISE Stock Exchange is the only dual structure platform that integrates a dark pool, MidPoint MatchSM, with a fully displayed stock market. Traders have the best of both worlds on one platform – complete order protection and continuous price improvement. See a demo of how it works. The ISE Stock Exchange offers two primary capabilities on one platform: - MidPoint MatchSM is the only continuous, exchange-based dark pool in the United States. Members can use MidPoint MatchSM to trade equities instantaneously at the exact midpoint price of the National Best Bid and Offer (NBBO).
- Displayed Market is a fully electronic visible market of the Best Bid and Offer, which trades the common stocks and ETFs listed on the NYSE, NYSEArca, NASDAQ, and Amex.
Our members benefit from the interaction between the two liquidity pools, which provide opportunities for price improvement. Flexible order types allow members to take advantage of the integration of our displayed and non-displayed pools. As a regulated exchange, the ISE Stock Exchange provides equal access for all participants. The Exchange is Reg NMS compliant and trades approximately 6,000 securities, including most common stocks and ETFs that are listed on the NYSE, NYSEArca, NASDAQ and Amex. Trading activity occurs within normal trading hours from 9:30 a.m. to 4:00 p.m. (EST). Trading is extended to 4:15 p.m. for ETFs that trade for the extended 15-minute time period. The ISE Stock Exchange reports quotes and trades directly to the tape. The letter "I" is used to denote ISE disseminated quotes and trades for all equity securities. The ISE Stock Exchange is a part of the International Securities Exchange (ISE), a family of innovative securities markets. MidPoint Match The ISE Stock Exchange's MidPoint MatchSM (MPMSM) is an exchange-based, fully automated, instantaneous and anonymous platform for trading equity securities at the midpoint price between the National Best Bid and Offer (NBBO). MidPoint MatchSM supports round-lot orders of any size, accommodating both block-sized orders and smaller orders. 
MidPoint MatchSM users are able to access the market without leaving a footprint. Traders maintain complete control over their orders, deciding when to enter and when to cancel without affecting the Displayed Market. MPMSM provides traders with the flexibility to float an order at the midpoint or gain midpoint exposure en route to the Displayed Market. Find out more about types of orders MidPoint MatchSM supports. Displayed Market The ISE Stock Exchange's Displayed Market offers high-speed order execution capabilities combined with a competitive pricing structure. By using maker/taker pricing, the ISE Stock Exchange is structured to attract liquidity providers and to ensure a competitive marketplace. As an exchange, all orders are managed on a completely equitable basis. As a fully electronic system, there is no human intervention to interfere with the timely execution of orders. Further, the Displayed Market will maintain full anonymity throughout the order entry, execution, and clearing process. All participants have equal standing for order placement and execution priority. The ISE Stock Exchange offers full route-out capabilities, allowing the exchange to be used as your market of choice, with access extended to other market centers. Since the ISE Stock Exchange is fully compliant with Reg NMS, orders benefit from complete trade-through protection. Find out more about order types. Order Destination Market Exposure
Through its unique structure, offering both a displayed and non-displayed pool, the ISE Stock Exchange provides unparalleled flexibility. The ISE Stock Exchange's orders allow you to choose your level of market exposure.
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