IRISH STOCK EXCHANGE

PRESENTED BY :-
RISHI MANDHANA
PGD- IIBM/09/020
Introduction
 The ISE is authorized as a market operator by
the Financial Regulator, under the Markets in
Financial Instruments Directive (MiFID),
the primary legislation which governs the
operation of capital markets in the EU
 The highest standards of market integrity

apply to activities conducted on the ISE's

markets to ensure that appropriate levels of
investor protection are in place
Key Safeguards
 As a market operator the ISE meets certain
obligations as set down by the Financial
Regulator on an ongoing basis
 Member firms are obliged to comply with the

Rules of the ISE, which have been approved

by the Financial Regulator
 The ISE monitors activities on its markets and

member firms' compliance with the Rules on

an ongoing basis, and may discipline a
member firm if necessary
 The Rules provide for the ISE to act in
investors' interests and to ensure the orderly
functioning of its markets
 Admission to trading rules apply for

securities which are traded on the ISE's

markets, along with appropriate trading,
settlement and clearing arrangements which
are in place to comply with MiFID
 Individuals who execute trades on the ISE's
markets must be approved by the ISE as
Registered Traders
 Information in relation to trades dealt on the

ISE's markets is disclosed and complies with

the post-trade transparency requirements of
MiFID
Membership
 The ISE has five classes of membership
available to applicants :-
 General Trading Member Firm
 Restricted Trading Member Firm
 Primary Dealer
 Settlement Only Member Firm
 Clearing Member Firm
Types Of Equity Markets
 Main Securities Market - the principal market of the ISE
for securities of companies from Ireland and overseas
and is a 'regulated market' as defined in MIFID
Securities admitted to the Main Securities Market
include ordinary shares, preference shares,
government bonds, corporate debt, exchange traded
funds, investment funds, debt securities, derivative
securities and covered warrants
 Enterprise Securities Market (ESM) - the ISE's market

for equity securities of small to medium-sized growth

companies.  ESM is a 'multilateral trading facility' as
defined in MIFID
THANK YOU