Trading | TISE


TISE's trading model, including the use of our bespoke auction system, NOVA, is designed to provide flexibility and choice to market participants


TISE listed securities can be traded on-market through our auction system, NOVA, as well as on an order driven matched bargain basis or by a market maker.

The secondary market trading model for TISE listed securities is designed to benefit market participants by:

Providing flexibility and choice

Delivering transparency and visibility

Ensuring reliable price formation and best price execution mechanisms

Maintaining a trusted and efficient service overseen by market surveillance


Investors interested in buying or selling TISE listed securities should contact a registered Trading Member in the first instance.

Trading via a registered Trading Member can take place on any business day, being any weekday excluding public holidays. The Exchange is closed on the following public holidays in 2024:

01 January 2024 29 March 2024
01 April 2024 06 May 2024
09 May 2024 27 May 2024
26 August 2024 25 December 2024
26 December 2024  

The Exchange will close at 12.30pm on the following days in 2024:

24 December 2024 31 December 2024

On-Market Trading

TISE operates a bespoke auction-based trading system called NOVA. Trades executed on NOVA are based on orders entered by Trading Members.  The orderbooks for TISE listed securities that are traded on NOVA, the indicative trade price and the volume of shares tradeable at that indicative price, are all displayed on the Exchange’s website, as are all executed trades following each auction event.

Auctions take place around 16:00 every Thursday, with individual securities designated to an auction cycle of either a weekly, fortnightly, or monthly basis.

Off-Market Trading

Trades of TISE listed securities that are executed by Trading Members outside of NOVA e.g. cross trades or negotiated deals, are reported to the Exchange and displayed on the Exchange’s website.

Trades of TISE listed securities executed by non-Trading Members e.g. on other platforms or over the counter (OTC) trades, are neither reported to the Exchange nor displayed on the Exchange’s website.

Market Makers

Issuers can appoint a Trading Member as a Market Maker to provide market making services for their TISE listed securities in accordance with the Trading and Settlement Rules.  This is subject to the Trading Member becoming registered with the Exchange as a Market Maker for those securities.

Market Makers are required to maintain and publish two-sided quotations which reasonably relate to prevailing market conditions and are within allowable spreads.  These quotations are displayed on the Exchange’s website.

Market Makers must also actively offer to buy from, and sell to, another enquiring Trading Member at these quoted prices for a volume of securities being at least the minimum quotation size.

The following Trading Members are currently registered as Market Makers:

Ravenscroft (CI) Ltd View Markets »
  Zedra Fund Managers (Guernsey) Ltd View Markets »


Trading Fees

Trading fees and late trade reporting fees are as follows:

  • £2.50 payable by both buyer and seller per trade executed on NOVA, or executed off-market by a Trading Member and reported to the Exchange; and

  • £10 Late Trade Reporting fee, per transaction that has not been reported to the Exchange in accordance with the Trading and Settlement Rules requirement.


NOVA - TISE Trading System

TISE operates a bespoke auction-based trading system called NOVA which enables our Trading Members to input trade orders for all traded securities listed on TISE