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 an MPM order

1. Create a market data line using ISE as the order destination.

2. Click the Bid price field (for a sell order) or the Ask price field (for a buy order).

Note that when you create a market data line for an ISE stock, you will not receive any market data since the ISE executes at the midpoint. To view the bid and ask price, enter the symbol on another line and use SMART as the destination.

3. In the Type field, select Market or Limit.

4. If you select Limit, verify or modify the limit price

Note that the order types list also includes VWAP. If you select this order type, you are no longer sending an MPM order to ISE, you are now sending a volume-weighted average price order to IB's VWAP exchange.

5. Click "T" to transmit the order.

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

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