Press releases 2013
Lloyds Bank becomes a dedicated market maker on ORB
- Second Gilt-Edged Market Maker (GEMM) to join the platform as market maker
- Will offer continuous two-way pricing in corporate bonds and gilts
- Transparent, electronic platform facilitates trading throughout the day
London Stock Exchange today welcomed Lloyds Bank to open London’s markets to celebrate the company becoming a dedicated market maker on its Order book for Retail Bonds (ORB).
Lloyds Bank will quote continuous two-way pricing throughout the trading day in gilts and corporate bonds listed on ORB.
Since its launch in 2010, £3.3 billion has been raised on ORB from an increasingly diverse range of issuers, demonstrating good investor appetite. It is becoming an established platform for companies seeking alternative sources of funding with the growing popularity of retail-sized bonds being reflected in the increasing number of issuers.
Pietro Poletto, Head of Fixed Income Markets at London Stock Exchange Group said: “We are delighted to welcome Lloyds Bank to ORB as a market maker. They have a strong track record in gilts and corporate bonds and by offering continuous two-way pricing, dedicated market makers such as Lloyds Bank, bring added liquidity and depth to the market. We continue to see growth in secondary market trading and this will only encourage further private investor participation.”
Richard Moore, Head of Financial Markets at Lloyds Bank Commercial Banking, said: “We are pleased to join London Stock Exchange’s Order book for Retail Bonds platform as a market maker. We have been a firm supporter of ORB since its launch and we look forward to bringing our long standing commitment and expertise to an increasingly efficient secondary market to benefit issuers and investors in the UK.”
There are currently 175 corporate, government and supranational bonds available for trading on ORB, which are available in accessible denominations typically between £1 and £1,000. All are exempt from stamp duty and those maturing in five years or more when purchased are eligible for inclusion in ISAs and SIPPs. Two-way prices are displayed continuously throughout the day by market makers and full prospectus details are available for each security.
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About London Stock Exchange Group:
London Stock Exchange Group (LSE.L) sits at the heart of the world’s financial community. The Group operates a broad range of international equity, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS, Europe's leading fixed income market; and Turquoise, offering UK and Russian derivatives trading, pan-European and US lit and dark equity trading. Through its markets, the Group offers international business unrivalled access to Europe’s capital markets.
The Group is a leading developer of high performance trading platforms and capital markets software and also offers its customers around the world access to an extensive range of real-time and reference data products and market-leading post-trade services. The Group is also home to a world leading index provider FTSE, which creates and manages over 200,000 equity, bond and alternative asset class indices. Headquartered in London, United Kingdom with significant operations in Italy and Sri Lanka, the Group employs around 1,900 people. Further information on London Stock Exchange Group can be found at www.londonstockexchangegroup.com