Current Operations
The exchange is owned by Irish Stockbrokers and the country currently has two large, and half a dozen medium-sized, brokerages but most observers believe this cannot continue indefinitely, as sales from trading commissions and fees from corporate deals tumble because of the recession.
On 6 June 2000, the ISE closed its trading floor in Anglesea Street ( a listed building), Dublin 2, and switched to an electronic trading platform called ISE Xetra which has enabled it to expand its membership base to include international banks and)used by the Deutsche Börse Group. Trading on the ISE is settled via the CREST settlement system which is operated by Euroclear (UK and Ireland) and cleared by Eurex Clearing AG. It operates three markets – the Main Securities Market, the principal market for Irish and overseas companies; the Enterprise Securities Market (ESM), an equity market designed for growth companies; and the Global Exchange Market (GEM), a specialist debt market for professional investors.
The published index of shares is known as the Irish Stock Exchange Quotient or ISEQ Overall Index. Other indexes of the exchange include the ISEQ ESM Index, the ISEQ 20, the ISEQ General, ISEQ SmallCap, and ISEQ Financial. The ISE also has two other ISEQ 20 based indices, the ISEQ 20 Capped Index and the ISEQ 20 Leveraged Strategy Index.
The exchange is regulated by the Central Bank of Ireland under the Markets in Financial Instruments Regulations (MiFID) and is a member of the World Federation of Exchanges and the Federation of European Stock Exchanges.
Just two companies, Ryanair and CRH plc (which has its primary listing in London), account for the bulk of the day-to-day share dealing on the exchange since the collapse of Irish banking stocks. Trading volumes on the exchange in 2011 are about a quarter of the 2007 peak. In June 2012, following the collapse of a stockbrokers, the Irish Independent asked "Will there even be a stand-alone Irish equity market in five years' time? The omens are not good."
Read more about this topic: Irish Stock Exchange
Famous quotes containing the words current and/or operations:
“The English language may hold a more disagreeable combination of words than “The doctor will see you now.” I am willing to concede something to the phrase “Have you anything to say before the current is turned on?””
—Robert Benchley (1889–1945)
“A sociosphere of contact, control, persuasion and dissuasion, of exhibitions of inhibitions in massive or homeopathic doses...: this is obscenity. All structures turned inside out and exhibited, all operations rendered visible. In America this goes all the way from the bewildering network of aerial telephone and electric wires ... to the concrete multiplication of all the bodily functions in the home, the litany of ingredients on the tiniest can of food, the exhibition of income or IQ.”
—Jean Baudrillard (b. 1929)