ISE Applies to Start Second Options Platform

Date : 07/03/2012 @ 1:00AM
Source : Dow Jones News
Stock : Nyse Euronext (NYX)
Quote : 45.29  0.0 (0.00%) @ 2:05AM

ISE Applies to Start Second Options Platform

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By Doug Cameron

The International Securities Exchange outlined plans on Monday to launch a second U.S. options trading platform by the end of the year, despite the slide in overall market volume.

Rivals in the fiercely competitive U.S. options market have moved ahead with multiple platforms to lure new customers, while ISE's own plan was delayed while parent Deutsche Boerse AG (DB1.XE) pursued its unsuccessful effort to merge with NYSE Euronext.

ISE didn't detail the products or pricing plans for the yet-to-be-named platform as it made a formal license application to U.S. regulators.

"It is a very high priority at the ISE to get this done," Chief Executive Gary Katz said in an April interview.

Volume across the U.S. options sector fell 12% in June, the Options Clearing Corp. said Monday, taking the year-to-date decline to 6%. ISE said its own volume fell 10.2% in June, though it remained the second-largest platform with a market share of 18.1%, excluding divided trades.

Market leader CBOE Holdings Inc. (CBOE) and NYSE Euronext (NYX) each run two U.S. options exchanges, while Nasdaq OMX Group Inc. (NDAQ) is adding a third.

Write to Doug Cameron at doug.cameron@dowjones.com

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