The International Stock Exchange (TISE) has launched its new bespoke auction trading system, NOVA.
The first auctions on NOVA have now been held, with Ravenscroft (CI) Limited, a Trading Member of TISE, facilitating the order book entries for auctions in the TISE listed securities of 14 issuers.
The auction model is designed to benefit market participants through the concentration of liquidity into specific events. Auctions can be held at an issuer’s discretion, eg daily, weekly, monthly, providing maximum flexibility.
Transparency is provided to the market through full visibility of the order-book build with the TISE website displaying buy and sell orders and the indicative price and volume, as well as full trade history.
NOVA’s underlying algorithm operates on the principle of best execution and trades are output for onward settlement processing, through Euroclear (CREST and CREST Residual), Clearstream or otherwise as agreed by the Exchange, streamlining the process and maximising efficiencies, and providing necessary trade reporting for TISE Trading Members.