Solicitation of Interest (SOI)

The ISE Stock Exchange always 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 Soliciation of Interest (SOI). The Standard MPM 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.

The SOI order must have a quantity of at least 2000, and this order type broadcasts the symbol to other ISE MPM users. TWS allows you to broadcast the order side and size as well.

 To create an MPM SOI 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.

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

  2. 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 not longer sending an MPM order to ISE, you are not sending a volume-weighted average price order to IB's VWAP exchange.

  1. Ensure that the order quantity is 2000 or larger.

  2. In the ISE MPM field, select SOI (any selections asking if you want to display side or size are obsolete and will simply mark the MPM order as SOI)

  3. 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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