The Islamabad Stock Exchange ( or PSX-ISE) was a stock exchange located in Islamabad, Capital Territory, Pakistan. In 2016, it merged with the Pakistan Stock Exchange. History Islamabad Stock Exchange (ISE) was incorporated as a guarantee-limited company on 25 October 1989 in Islamabad capital territory with the main object of setting up of a trading and settlement infrastructure, information system, skilled resources, accessibility and a fair and orderly market place that ranks with the best in the world. It was licensed as a stock exchange on 7 January 1992. It started trading in July 1992. ISE has been corportrized and demutualized on August 26, 2015 in terms of Stock Exchanges (Corpotization, Demutualization and Integration) Act, 2012. As a consequence thereof, its name has been changed as Islamabad Stock Exchange Limited. With effect from January 11, 2016 the Islamabad Stock Exchange was integrated with the Karachi Stock Exchange Limited under the Stock Exchanges (Corporatisation, Demutualization and Integration) Act, 2012 to form the Pakistan Stock Exchange Limited. Trading system Initially, an outcry method of trading (a method of trading that uses verbal bids and offers in the trading pits) in shares was adopted which was replaced with the automated trading system (a computerized system for matching orders in securities) commonly called “ISE-CTS” in 1997. In the year 2002, ISECTS gave way to “ULTRA TRADE” trading system which is not only very efficient but also has extended trading capacity, internet trading functionality. The computerized trading system has brought about much needed transparency in the securities trading. It has been designed in such a way to provide automatic matching of bids and offers for execution purpose. All orders are treated in strict price and time priority, thus ensuring a pure auction market where no order is overlooked or traded through. In this manner, the best trade is executed and passed on to the participants without human interference. Printed confirmation and status messages are immediately received by a member for each of his order. Remote Trading or Internet Trading has been implemented in ISE on 23 June 2003. Now Brokers can trade from anywhere in the world using remote trading software of ISE with the same robustness as working on the LAN. Unified trading system Islamabad Stock Exchange joined hands with Lahore Stock Exchange on 30 April 2007 to establish a Unified Trading Platform to help in bringing increased liquidity in the market, improving price