New auction trading system launched

Tuesday 01 March 2022

The International Stock Exchange (TISE) has launched a new auction trading system called NOVA.

The first auctions on NOVA have been held with Ravenscroft (CI) Limited facilitating the order book of entries for auctions in TISE listed securities of 14 issuers.

TISE CEO Cees Vermaas was delighted with the launch of the new trading system. 

“This state-of-the-art auction platform provides an automated price discovery and transaction model which is an attractive addition to our equity market,” he said. 

“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 new auction model is designed to benefit market participants through the concentration of liquidity into specific events. 

Auctions can be held at the issuer’s discretion, providing maximum flexibility. 

A full visibility order book build on the TISE website will display buy and sell orders, the indicative price volume and a full trade history. 

“The launch of NOVA is a fantastic milestone for TISE. It enables us to deliver greater value to our current equity issuers as well as offering new products and services,” said Mr Vermaas.

“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.”

Ravenscroft CEO Robin Newbould said NOVA was in line with the company’s vision.

“Ravenscroft firmly believes that anything designed to increase transparency and liquidity can only be of benefit to issuers, investors, the exchange and its members,” he said.

Individuals wishing to deal in a TISE listed security should contact a Trading Member of TISE to undertake a transaction on NOVA. 

For more information about TISE click HERE.

Pictured (top): TISE CEO Cees Vermaas.