The International Securities Exchange (ISE) today announced that it has eliminated customer transaction fees for Premium Products, which include multiply-listed exchange-traded fund (ETF) and index options.*
The popular Powershares QQQ Trust Series 1 (Ticker: QQQQ) will continue to be offered at no charge for customer orders. The new fee schedule will take effect on May 1, 2009.
Boris Ilyevsky, Managing Director of ISE's options exchange, stated, "ISE is committed to offering the most competitive options trading venue for retail and institutional customers. By eliminating customer transaction fees for these products, we are simplifying our fee structure so that members can be confident they will pay no transaction fees for customer orders in equity options and multiply-listed ETF and index options routed to ISE. This new pricing structure, in conjunction with our customer priority market model, provides the best and lowest cost execution for customer orders sent to ISE."
At this past weekend's annual strategic planning meeting with ISE senior management, the ISE Board of Directors approved this fee change to address the evolving marketplace requirements of its order flow providers. ISE's fees for firm and market maker trades are unaffected by this change. This fee change is subject to filing with the SEC. For ISE's complete fee schedule, please visit www.ise.com/fees.
*Excludes FX options products and proprietary index options.