International Securities Exchange, Inc. - Options Central Exchange System


  Hewlett-Packard Company

  Connecting to the ISE

  PrecISE Trade®
  Open Interface
  Technical Expertise

Options Trading System


The ISE OTS is the heart of ISE’s options marketplace, processing quotes from market makers, receiving orders from Electronic Access Members, tracking activity in the underlying markets, executing trades in the matching engine, and broadcasting trade details to the participating members. The system also performs numerous other functions, including reporting of real-time trades and quotes to the Options Price Reporting Authority (OPRA) for dissemination to market data vendors, and transmitting a record of all trading activity to The Options Clearing Corporation (OCC) for clearing and settlement purposes.

Scalable Configuration

The OTS consists of multiple servers and uses clustered databases, providing reliability, flexibility and scalability.

The software operates on servers provided by Hewlett-Packard Company.

Full Redundancy

The ISE OTS is designed to have full redundancy and operates in a distributed environment across geographically diverse sites. The system is designed to recover quickly from any single point of failure and, in most cases, will continue to operate without interruption.


To develop the options trading software platform, ISE partnered with OMX, a Swedish company that has delivered electronic trading systems to more than 20 exchanges and clearing houses world-wide. ISE has significantly modified OMX's CLICK™ Exchange platform to develop an options trading system. ISE’s OTS accommodates the complexities of options trading strategies and US securities regulations. Many of these technical enhancements have been patented by ISE. ISE’s OTS has proven to be very flexible and scalable. It has kept pace with unparalleled growth in the number of quotes associated with options trading. The scalability of this technology has allowed ISE to stay ahead of rapidly escalating capacity requirements. ISE’s OTS is also designed with multiple levels of redundancy and has proven to be robust and resilient.

In addition to the OTS, ISE worked with OMX to customize PrecISE Trade™, a trader workstation product for entering transactions and viewing market information. The PrecISE Trade™ product is licensed to members by ISE.


ISE's trading software, developed by OMX operates on HP servers.

HP is the second largest computer company in the world and a Fortune Global 100 company. HP continues to dominate the exchange market with over 90% market share worldwide.