TISE launches new trading system, NOVA, with first auctions

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.

Cees Vermaas, CEO of TISE, said: “I am delighted with the launch of our new trading system, NOVA. This state-of-the-art auction platform provides an automated price discovery and transaction model which is an attractive addition to our equity market. Holding these first auctions demonstrates the confidence placed in this new model and they will be the first of many more auctions to be conducted via NOVA in the future.”

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, e.g. 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.

Mr Vermaas added: “The launch of NOVA is a fantastic milestone for TISE. It enables us to deliver even greater value to our current equity issuers, as well as offering new products and services to a whole new range of potential clients and participants in the equity capital markets arena. I would like to thank all our stakeholders who have supported us with this strategic initiative which is very important as we seek to sustain future growth. Our special thanks to Ravenscroft, who have been extremely supportive in implementing NOVA.”

Robin Newbould, Chief Operating Officer at Ravenscroft, said: “We are delighted that TISE has implemented the NOVA trading system. Ravenscroft firmly believes that anything designed to increase transparency and liquidity can only be of benefit to issuers, investors, the exchange and its members.”

Individuals wishing to deal in a TISE listed security should contact a Trading Member of TISE to undertake a transaction on NOVA. Alongside NOVA, trading in TISE listed securities can also be conducted by market maker and matched bargain basis transactions carried out through TISE Trading Members.