|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 (220 KB)
ATP Agreement (103 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 (181 KB)
Fees paid by a trading member firm to connect to the current ISE Xetra platform depend on the type of connection required and the location of the member firm. Further details here:
ISE Xetra Connectivity Price List (52 KB)
A similar suite of connectivity options and fee structure will also apply to the future T7 platform. For further information, please click here.
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.
ISE Xetra is the electronic trading system for equities and ETFs and results from our strategic technology partnership with Deutsche Börse AG.
Xetra’s performance and functionality has made it one of the world’s leading trading systems. Its built-in back-up facility strengthens its resilience guaranteeing close to 100% service levels for our trading members.
Continuing the successful strategic technology partnership with Deutsche Börse AG, the ISE will migrate its order book to the next generation T7 trading platform on Monday, 17 July, 2017. ISE T7 will ensure that the ISE continues to enhance its trading architecture for the benefit of members by providing access to a new, world class platform.
The ISE will also migrate its off order book on exchange trade reporting functionality to a new system, 'ISE OBOE', on Monday 4 December. ISE OBOE will be fully MiFID II compliant and the ISE recently confirmed these arrangements for on exchange trade reporting in the Irish market under MiFID II.
Documentation relating to the ISE Xetra Releases 16.0 and 17.0, and the future T7 Release 5.0 is available below and also by clicking on the 'Xetra & T7 Sign In' button on this page.
ISE Xetra runs on the most up-to-date version of Xetra, Release 16, which was introduced on Monday, 30 November 2015.
Xetra Release 16 included several functional and technical updates including the introduction of the Self-Match Prevention - an optional service which avoids unintended self-crossing of trades on the order book.
Please find additional information in the below documents -
Release Announcement (43 KB)
Release Description (120 KB)
The current functionality can be tested in the simulation environment, the availability of which can be found in the simulation calendar:
ISE Xetra Simulation Calendar (94 KB)
ISE Xetra Advanced Simulation Calendar Rel 16 (24 KB)
ISE Xetra Release 16 Permanent Simulation Guide (135 KB)
Other Release 16.0 documentation is available by clicking on the 'Xetra & T7 Sign In' page
For those member firms that will continue to access ISE Xetra for off order book trade reporting until the migration to ISE OBOE on 4 December 2017, there will be 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 (65 KB)
Xetra Release 17.0 is scheduled to go live on Monday, 20 November 2017.
Simulation is scheduled from 11 September until 10 November 2017.
Migration to T7
ISE Xetra will migrate to the T7 trading platform as part of Release 5.0
ISE T7 will be introduced on Monday, 17 July, 2017.
Details of the migration strategy, T7 interfaces and an overview of the market model are contained in the ISE T7 Release Notes for Rel 5.0.
Full details of the market model for the ISE T7 are contained in the ISE T7 Release 5.0 Market Model.
The simulation period for ISE T7 commenced with Cloud simulation on Monday, 6 March, 2017, and will be followed by the full integrated simulation environment available from Tuesday, 18 April, for connectivity testing, with full functionality and ISE instruments available from Wednesday, 10 May.
The Simulation Guide provides details of the key dates for simulation rollout, the daily timetable, and information on the focus days that will be offered to support members' testing. The dates for each focus day are contained in the Simulation Calendar.
A simulation checklist is available to support members with their preparations.
A second release of T7 is planned for late-2017 in order to deliver the MiFID II / MiFIR functionality. Release 6.0 is scheduled to go live on Monday, 4 December 2017, with simulation commencing in September.
ISE Xetra migration
6 March 2017 (Cloud)
18 April 2017 (Connectivity testing)
10 May 2017 (Full trading functionality)
17 July 2017
MiFID II / MiFIR release
25 September 2017
4 December 2017
The T7 Release 5.0 Communication Calendar provides an overview of when the T7 documentation will be published.
Connecting to the Trading Platform
Trading members can continue to connect to ISE Xetra (in advance of the migration to T7):
- by using their existing Xetra connectivity
If a participant of another Xetra market becomes an ISE trading member it can connect to ISE Xetra 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 Xetra as well as additional services such as front-end software
Connection to the T7 platform will also be possible via the above options with the complete range of the T7 Frankfurt interfaces also available for accessing ISE T7.
The new connectivity options are available for ordering now via the Member Section on the Xetra website:
Full details of the available interfaces, the bandwidth options, and pricing, are available here.
ISE T7 Release 5.0 Market Model
ISE T7 Release 5.0 Simulation Guide & Calendar
ISE T7 Release Notes (831 KB)
ISE T7 Participant and User Maintenance Manual (373 KB)
ISE T7 Functional and Interface Overview (937 KB)
An Introduction to the Enhanced Transaction Interface (415.4 KB)
T7 ETI Manual v1.3 (simulation version) (518 KB)
T7 ETI Cash Message Reference v5.0 (simulation version) (1,025 KB)
T7 ETI - XSD XML Representation and Layouts.zip (142 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 (624 KB)
XML Reports - Reference Manual v1.2.1 (simulation version) (511 KB)
XML Reports - XML Schema Files v1.2.1.zip (simulation version) (96 KB)
T7 Enhanced Order Book Interface XML Representation (simulation version).zip (19 KB)
T7 Market & Reference Data Interfaces - XML FAST Templates - FIXML Schema Files v5.02.zip (simulation version) (67 KB)
T7 Underlying Ticker XML FAST Templates (simulation version).zip (2 KB)
Market Data & Reference Data
ISE T7 Instrument Reference Data Guide (233 KB)
T7 Extended Market Data Service - T7 Trade Prices, Settlement Prices and Open Interest Data Manual v5.031 (simulation version) (456 KB)
An introduction to the Market & Reference Data Interfaces for T7 (447.3 KB)
T7 Market & Reference Data Interfaces Manual v5.0.2 (3,132 KB)
T7 Extended Market Data Services - Fast Message Templates.zip (3 KB)
T7 Extended Market Data Services - Underlying Ticker Data v 5.01 (simulation version) (357 KB)
T7 Extended Market Data Services - Manual (simulation version) (454 KB)
T7 Enhanced Order Book Interface - Manual v5.0.1 (simulation version) (1.3 MB)
T7 Known Limitations - Simulation v 1.0 (255 KB)
Xetra Public Reference Data – Sample file (1,322 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 (733 KB)
T7 Cash Markets Participant and User Maintenance - Manual v.1.0 (797 KB)
T7 Trader GUI, Admin GUI and Clearer GUI - Installation Manual v.5.0.0 (1,806 KB)
T7 Network Access Manual v2.0.25 (2,392 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.
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 4th December 2017, which will ensure market readiness in advance of MiFID II implementation.
An overview of the new system is contained in the Release Announcement, while details of the interface are contained in the FIX specification (version 1.0).
ISE Release 16 Market Parameters for Rules Release 19 (344 KB)
This document is designed to be read by trading members alongside the Rules. Topics include:
- trading securities on ISE Xetra
- trading in government bonds and other securities
- market making parameters
ISE Xetra Release 16 Market Model (1386 KB)
This document provides a detailed guide on trading on ISE Xetra.
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 1 April, 2017, are classified as liquid under the criteria laid down by Article 22 of Commission Regulation (EC) No 1287/2006, are as follows:
| CH0043238366|| Aryzta AG|
|IE0030606259||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