An electronic processing/ establishment of IPO cross that is designed to facilitate executions (order fills), on a fair and transparent basis, so that secondary trading of initial public offerings can be initiated on market supply and demand.

The electronic execution provides fair executions at a single price that reflects, and corresponds to, supply and demand in the market. It also enhances transparency at IPO opens by disseminating timely information to all market participants, and by establishing an efficient, open process in which all participants have the ability to place orders and participate in price discovery.