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The International Securities Exchange (NYSE: ISE) today announced the successful results of its first MidPoint Match(TM) trading simulation. MidPoint Match is the introductory product of the ISE Stock Exchange LLC, slated for launch in September. Over 34 million shares changed hands during the one-hour session, which took place yesterday after the market's close and was open to all approved users of the ISE Stock Exchange.
Andrew Brenner, Head of ISE Stock Exchange, said "This successful event highlighted the interest from our members in MidPoint Match and underscored the system's readiness and our team's ability to support the stock exchange's imminent launch. We were pleased to offer this preview of MidPoint Match and welcomed the positive feedback received from participants."
MidPoint Match is an instantaneous, fully-automated and anonymous platform that executes equity orders at the midpoint price of the National Best Bid and Offer (NBBO) and delivers continuous price improvement to both the buyer and the seller. During yesterday's trading simulation, over 28,000 orders were entered in under one hour. All order types eligible to trade on the exchange were tested. The MidPoint Match platform functioned flawlessly and is fully prepared to launch pending SEC approval.
