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ISE Stock Exchange Midpoint Match

The ISE Stock Exchange executes stock trades at the midpoint price, between the NBB (National Best Bid) and the NBO (National Best Offer). They offer two types of midpoint match (MPM) order types: Standard and Solicitation of Interest (SOI). The Standard MPM order can be of any size, and can be set as either a limit or market order. You can also add the IOC (Immediate or Cancel) time in force to this order type. The Standard order is kept completely hidden from the market.

To create a standard MPM order

1. Create a market data line for an ISE stock.
2. Create an order. Click the Bid field (for a sell order) or the Ask field (for a buy order).
3. In the Type field, choose from Market or Limit. If you select Limit, verify or modify the limit price.
4. In the Destination field, ensure that ISE is selected.
5. Transmit the order.

For a more detailed description of ISE MPM orders, visit the Order Types information page.

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