The International Securities Exchange (ISE) announced that the SEC has approved its Form 1 application for ISE Gemini(TM), ISE's second options exchange that will complement its existing market.
Set to launch on August 5, 2013, ISE Gemini will ramp up over several weeks, beginning with a small number of symbols and eventually trading all of the most active options classes.
"The launch of ISE Gemini on August 5 will be the culmination of a great deal of hard work by the ISE team to deliver this important initiative," said Boris Ilyevsky, Managing Director of ISE's options exchanges. "We are operationally ready for the launch and in the final stages of working with our members to trade on ISE Gemini. We are excited to offer our members a new pricing structure through ISE Gemini with the same technology and market structure that are hallmarks of ISE."
The membership of ISE Gemini consists of Primary Market Makers (PMMs), Competitive Market Makers (CMMs), and Electronic Access Members (EAMs). To date, ISE Gemini has 15 approved market makers. ISE Gemini's fee schedule will be officially published before launch. Additionally, all non-transactional fees, including membership, application, market data and trading right fees have been waived until January 1, 2014.