NOVA - TISE Trading | TISE

Responsive. Innovative.


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, quarterly, biannual and annual, providing maximum flexibility


Global access to TISE listed securities and investors, with trading from 09:00 to 16:30. Multi-asset and multi-currency in accordance with security denomination


Full visibility to the order book build, with the TISE website displaying buy & sell orders and the indicative price & volume. Publicised trade history provides market transparency and information


A fully automated system, overseen by market surveillance & with activity set by our Trading Rules

Competitive Fees

Low Exchange fees for trading activity, currently set at £2.50 per transaction for both buyer and seller

How to Trade

Step 1

Individuals wishing to deal in a TISE listed security need to contact a Trading Member of TISE in order to undertake a transaction on our auction system, NOVA.

Step 2

Firms that have been approved as a Trading Member of TISE will be provided with access to NOVA and user credentials for each of their appointed traders. Trading Members are able to input trade orders which will then display on the security’s web page as described above.

Step 3

Trading Members are also provided with a separate facility to input bid and ask quote prices for securities in which they have been appointed as a Market Maker, as well as a means to report any off-market trades.

Step 4

The web page for each security that is traded will show the date of the next auction, the order book, an indicative price and volume where there are executable trades as well as trade history. Market Maker bid and ask prices will also display, where a Market Marker has been appointed.

The Membership Rules and Trading and Settlement Rules set out in detail the obligations of Trading Members.

How does the auction work?

NOVA’s underlying algorithm operates on the principle of best execution. It uses a four-step approach to determine the auction price and involves the use of conditional decision rules.

If a clear result cannot be achieved when the first decision rule is applied, the model progresses to the second decision rule and so on.

The decision rules are always applied in the same order as follows:

When the answer to any of the above four Principles is a ‘Yes’, the price achieved becomes the auction price.

Following the auction, the trade summary information is updated on the order book page and the trades are added to the trades screen, where all the trades executed by the Trading Member are displayed. Trades are output to a CSV file (FIX standard) for onward settlement processing, through Euroclear (CREST and CREST Residual), Clearstream or otherwise as agreed by the Exchange.


Transparency is considered as a key driver of the efficiency and integrity of equity and non-equity markets.

Appropriate trading data supports price formation processes, which are essential for informing investor decisions and allowing an efficient allocation of assets. Transparency also helps to narrow bid-ask spreads and enhances liquidity.

Furthermore, appropriate post-trade market data is essential for market participants to comply with various provisions such as best execution.

NOVA provides full visual exposure to the order book as it builds in the pre-trade phase. Buy and sell orders display on the TISE website and the system generates an indicative price and volume, which is driven by the orders present in the book at any given time.

The publication of trade history provides market transparency through information provided on the TISE website and post trade reporting provided to market participants.

NOVA Market Data

A comprehensive list of securities traded on NOVA

NOVA Documents


Becoming a Member is simple. We serve international firms who benefit from being able to facilitate listing and trading on our market