The International Securities Exchange (ISE) is planning to launch a second exchange for trading U.S. stock options, the Wall Street Journal reported, citing a person familiar with the situation.

A regulatory filing, which would have details relating to the new trading platform, could be submitted by the end of the year, the WSJ said.

The new platform would have a different market model and use new trading technology ISE plans to introduce on its existing exchange later this year, the WSJ said.

"The deliberative process is under way to determine the type of market structure and pricing that would create value for our members and be additive to the overall industry," an ISE spokeswoman told the Journal.

"For us, those are prerequisites to launching a second exchange," she said.

If ISE wins regulatory approval to set up an exchange, then the number of U.S. options exchange would rise to 10.

ISE is owned by Deutsche Boerse's Eurex unit. ISE could not be reached for comment.