ISE - International Securities Exchange Holdings I : ISE Completes Rollout of Implied Order Functionality

ISE Completes Roll Out of Implied Order Functionality Industry-Leading Complex Order Book Further Enhanced by Improved Liquidity and Fill Rates NEW YORK, August 14, 2012 - The International Securities Exchange (ISE) today announced that it has completed the roll out of Implied Order functionality* for all products in its complex order book. ISE introduced Implied Order functionality in May to a limited number of symbols and has conducted a measured roll out over the past three months. Implied Orders significantly enhance ISE's industry-leading complex order book by enabling greater interaction of multi-legged orders with the regular order book. This functionality has already tightened spreads on ISE's regular order book, resulting in better

executions for multi-legged orders and for regular orders.
"The roll out of Implied Orders has surpassed our expectations. Customer feedback has been extremely positive since Implied Orders leverage liquidity across the entire industry and multi-legged orders routed to ISE have a much higher probability of execution than at other venues," said Boris Ilyevsky, Managing Director of ISE's options exchange. "Our high fill rates combined with our very competitive pricing structure mean that ISE should be the top routing destination for multi-legged orders. Although we are thrilled with the successful roll out of Implied Orders, we are already looking ahead to future enhancements to ensure ISE remains the industry leader for trading multi-legged orders."
Implied Orders match or improve ISE's BBO on one of the component legs and display liquidity from ISE's complex order book on the regular order book published to OPRA. Implied Orders are firm for all incoming regular orders and upon execution, automatically result in the execution of the strategy order by executing the other component of the order against resting liquidity. This functionality is automatically available in ISE's trading system for eligible multi-legged orders.
* Also known as Legging Orders as per ISE Rule 715(k).

About ISE

The International Securities Exchange (ISE) operates a leading U.S. options exchange and offers options trading on over 2,000 underlying equity, ETF, index, and FX products. As the first all-electronic options exchange in the U.S., ISE transformed the options industry by creating efficient markets through innovative market structure and technology. Regulated by the Securities and Exchange Commission (SEC) and a member-owner of The Options Clearing Corporation (OCC), ISE provides investors with a transparent marketplace for price and liquidity discovery on centrally cleared options products. ISE continues to expand its marketplace through the ongoing development of enhanced trading functionality, new products, and market data services. As a complement to its options business, ISE has expanded its reach into multiple asset classes through strategic investments in financial marketplaces and services
that foster technology innovation and market efficiency. Through minority investments, ISE participates in the securities lending and equities markets. ISE also licenses its proprietary Longitude technology for trading in event-driven derivatives markets.
As a member of Eurex Group, ISE is combined with Eurex Exchange to form one of the largest transatlantic derivatives marketplaces, with daily trading volumes exceeding 10 million contracts in 2011 across a growing range of asset classes.
Eurex Group is comprised of Eurex Exchange, the International Securities Exchange, the European
Energy Exchange, Eurex Clearing, Eurex Bonds and Eurex Repo. Eurex Group is owned by Deutsche Börse AG (Xetra: DB1).
For more information, visit www.ise.com.

CONTACT: International Securities Exchange:

Molly McGregor

212-897-0275

mmcgregor@ise.com

Partner Area