The International Securities Exchange (ISE) and Eurex today announced they will jointly develop a new Options Trading System for ISE. This step marks the first joint initiative following the merger of the two companies, which was completed on December 19, 2007.
Gary Katz, ISE’s president and ceo, said, "Technology is an important differentiator in today’s competitive market environment. This internally developed solution will increase the flexibility of our platform and decrease the time-to-market for enhancements, delivering an improved trading experience to our members. Both ISE and Eurex have been at the forefront of technology development in the industry, and this new initiative will solidify our position as an innovative technology leader."
Andreas Preuss, ceo of Eurex, added, "The combined resources of our respective technology teams will deliver a new industry-leading Options Trading System for ISE. This step is part of the communicated synergies from the merger which added ISE to Eurex’s global network. We will continue to leverage our combined distribution networks, know-how and innovation to realize revenue synergies and operational efficiencies as well as addressing the specific needs of our respective marketplaces."
The development of the new system will be a multi-year effort that will draw upon the significant expertise of both ISE and the entire Deutsche Börse Group’s technology teams. While the new system is under development, ISE’s options exchange will continue to operate on the OMX CLICK technology platform, and ISE will continue to work with OMX to support as well as enhance the current system. Eurex and ISE are currently finalizing plans for the joint development effort and expect the new platform to launch in early 2011.
