July 2 (Reuters) - The International Securities Exchange plans a second market by the end of this year, joining an increasingly crowded field of exchanges offering trading in U.S. stock options.
Owned by Germany’s Deutsche Boerse AG, ISE filed an application for a second exchange with the Securities and Exchange Commission, the exchange said on Monday. The market will be the industry’s 11th.
ISE’s launch in New York more than a decade ago helped force the industry from its antiquated pit-trading model toward the fast-moving computer screens that dominate trading today.
For several years ISE vied with the Chicago Board Options Exchange for the No.1 spot in the industry, and trading in the industry surged.
But in recent years, market share at ISE has fallen. Most of ISE’s rivals have begun second or even third exchanges, even as ISE stuck to its single original platform.
“Having a second exchange license will enhance ISE’s flexibility to meet the evolving needs of our members in a highly competitive environment,” ISE CEO Gary Katz said in a statement.