Interactive Brokers

Midpoint Match (MPM) Orders

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ISE Midpoint Match (MPM) orders always execute at the midpoint of the NBBO. You can submit market and limit orders direct-routed to ISE for MPM execution. Market orders execute at the midpoint whenever an eligible contra-order is available. Limit orders execute only when the midpoint price is better than the limit price. Standard MPM orders are completely anonymous.

You can also elect to submit an MPM Solicitation of Interest (SOI) order, which broadcasts the symbol to other members of the MPM. The SOI is valid for orders with a minimum quantity of 2000, and cannot be cancelled for several seconds while the ISE solicits interest.

Products Availability Routing TWS
Stocks US Products Smart Attribute
    Non-US Products Directed Order Type
    ISE Only     Time in Force
Supported for Market and Limit orders only.
Open Users' Guide

Example


  • Midpoint Match Buy Order

    Order Type In Depth - Midpoint Match Buy Order

    Step 1 – Enter a Midpoint Match Buy Order

    Shares of XYZ stock are trading in the range $67.21 – 67.23. You want to submit a midpoint match order to buy 500 shares that executes at the midpoint between the Bid and the Ask price. To set this order type to midpoint match, create the BUY order, selecting ISE in the Destination field and MKT as the order type, then submit the order.

    Assumptions
    Action BUY
    Qty 500
    Order Type MKT
    Market Price Range 67.21 – 67.23
    Limit Price MARKET
     
  • Midpoint Match Buy Order

    Order Type In Depth - Midpoint Match Buy Order

    Step 2 – Order Transmitted

    You've transmitted your midpoint match order. At the ISE, this order executes midway between the bid and ask at 67.22, which saves you $0.01 per share. Note that since the ISE executes at the midpoint, you won't see any market data in TWS for an ISE-directed stock. Enter the same instrument routed to Smart to see the bid/ask price.

    Assumptions
    Action BUY
    Qty 500
    Order Type MKT
    Market Price Range 67.21 – 67.23
    Limit Price MARKET
    Order Filled At 67.22
     

Any stock or option symbols displayed are for illustrative purposes only and are not intended to portray a recommendation.

The Reference Table at the top of the page provides a general summary of the order type characteristics. The checked features are applicable in some combination, but do not necessarily work in conjunction with all other checked features. For example, if Options and Stocks, US and Non-US, and Smart and Directed are all checked, it does not follow that all US and Non-US Smart and direct-routed stocks support the order type. It may be the case that only Smart-routed US Stocks, direct-routed Non-US stocks and Smart-routed US Options are supported.