International Securities Exchange (ISE) has launched a new system built to provide the aggregated volume of all quotes and orders available at each of the top five price levels for options that trade on the exchange.

The ISE Depth of Market Feed system is designed to improve trading efficiency by providing transparency beyond the Best Bid and Offer (BBO) on the ISE.

The product is uses a new technology standard, FIX Fast, which reduces the bandwidth required to receive data and decreases the latency of transmission.

"ISE's new Depth of Market Feed demonstrates our continuing commitment to deliver enhanced trading tools to our customers as well as to remain at the forefront of technological innovation. This product establishes a new standard in market data dissemination to make data easier to access and more efficient to use for traders and investors," said ISE COO, Gary Katz.