The International Securities Exchange (NYSE:ISE) today announced the launch of the ISE Depth of Market Feed.
The ISE Depth of Market Feed is a real-time data feed that provides the aggregated volume of all quotes and orders available at each of the top five price levels for options that trade on ISE. The ISE Depth of Market Feed is designed to improve trading efficiency by providing transparency beyond the Best Bid and Offer (BBO) on the world's largest equity options exchange.
The ISE Depth of Market Feed is delivered using the FIX FAST (FIX Adapted for STreaming) protocol. This product is one of the first market data offerings to use this innovative new standard, which reduces the bandwidth required to receive data and decreases the latency of transmission. The FIX FAST format makes it easy to integrate the feed with other applications and does not require use of a proprietary application programming interface (API). ISE was an active member in the FIX Protocol Organization which developed the FAST protocol to encourage use of a common, efficient industry standard for market data.
Gary Katz, ISE's Chief Operating Officer, said, "ISE's new Depth of Market Feed demonstrates our continuing commitment to deliver enhanced trading tools to our customers as well as to remain at the forefront of technological innovation. This product establishes a new standard in market data dissemination to make data easier to access and more efficient to use for traders and investors."
The multicast feed is currently distributed by BT Radianz via the Radianz Shared Market Infrastructure and by NYSE TransactTools Secure Financial Transaction Infrastructure (SFTI). ISE also plans to make the Depth of Market Feed available through its PrecISE front-end trading application as well as through other connectivity providers later this year.
The ISE Depth of Market Feed will be a subscription offering but is currently available for evaluation during an introductory period.