ISE pushes on with index options debate

13 Oct 2003

International Securities Exchange (ISE) has launched its first index option and renewed calls for an end to exclusive licensing of indices to options exchanges.

The Standard & Poor's SmallCap 600 (SML), ISE's first index options product, was listed for trading on 3 October, with Morgan Stanley serving as primary market maker.

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“The fact is, an awful lot of people would be very happy for all business to be transacted over the counter. Transparency is good for the consumer, but privacy is better for the banks and the brokers. Wherever there’s a grey area, it’s possible to make money.”

European consultants predict frantic lobbying during the Mifid review.