Midpoint Match (MPM) Orders

ISE Midpoint Match (MPM) orders always execute at the midpoint of the NBBO. You can submit market and limit orders direct-routed to ISE for MPM execution. Market orders execute at the midpoint whenever an eligible contra-order is available. Limit orders execute only when the midpoint price is better than the limit price. Standard MPM orders are completely anonymous.

You can also elect to submit an MPM Solicitation of Interest (SOI) order, which broadcasts the symbol to other members of the MPM. The SOI is valid for orders with a minimum quantity of 2000, and cannot be cancelled for several seconds while the ISE solicits interest.

Example

Order Type In Depth - Midpoint Match Buy Order

Step 1 – Enter a Midpoint Match Buy Order

Shares of XYZ stock are trading in the range $67.21 – 67.23. You want to submit a midpoint match order to buy 500 shares that executes at the midpoint between the Bid and the Ask price. To set this order type to midpoint match, create the BUY order, selecting ISE in the Destination field and MKT as the order type, then submit the order.

Step 2 – Order Transmitted

You've transmitted your midpoint match order. At the ISE, this order executes midway between the bid and ask at 67.22, which saves you $0.01 per share. Note that since the ISE executes at the midpoint, you won't see any market data in TWS for an ISE-directed stock. Enter the same instrument routed to Smart to see the bid/ask price.