OES develops outbound routing service to ISE

Source: Order Execution Services

Order Execution Services Holdings (OES), today announced that its ISERoute, (ISERoute) subsidiary now operates as an exchange facility of the ISE Stock Exchange, and provides ISE with Reg. NMS-compliant outbound routing services.

ISERoute exclusively connects the ISE Stock Exchange's equities trading platform to all other required trading centers in compliance with its March 5, 2007 Reg. NMS obligations.

OES said that the ISE Stock Exchange, a subsidiary of the International Securities Exchange Holdings (NYSE: ISE), is presently using ISERoute to implement exchange-defined routing logic and transmit orders that access other markets through sponsoring agency broker-dealers. ISERoute facilitates trades with the displayed and reserve interests at those destinations. The ISE Stock Exchange introduced a fully Reg. NMS-compliant displayed market late last year, supplementing MidPoint Match, its dark pool equities product that offers continuous price improvement.

OES, through ISERoute, also provides the ISE Stock Exchange with services that include smart routing technology, Reg. NMS self-help, audit tools, and agency brokerage services to handle ISE equity orders sent to other trading centers.

Andrew Brenner, head of the ISE Stock Exchange, said, "We are pleased to partner with OES to implement ISERoute and to ensure our preparedness for Reg. NMS well in advance of the compliance date."

"The successful implementation of ISERoute exemplifies OES' ongoing initiative of providing services that enable several trading centers and large broker-dealers to be compliant with Reg. NMS, and continues our record of achieving key wins with Reg. NMS," said, David Scheckel, the chief executive officer of OES. "OES is especially pleased with the current Reg. NMS-compliant capabilities of ISERoute, and looks forward to continuing to work with the ISE Stock Exchange to improve the exchange facility's integral technology and services."

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