Direct Market Access

Direct Market Access (DMA) is a service offered by some stockbrokers that enables sophisticated private investors to place buy and sell orders directly on the London Stock Exchange order books. With DMA private investors can level the playing field and trade like market professionals.  

What is DMA?

The key benefits of DMA include:

• Equal playing field
  Every order is of equal status on the order book, prioritised only in terms of price and time.
  
  
• Visibility
  Orders are visible to the entire market allowing all market participants full contribution to central market liquidity.
  
  
• Depth of order book
  The order book shows the number of buyers versus the number of sellers and at what price they are willing to trade.
  
  
• Set your own price
  Limit orders can be entered at whatever price you choose and will be available to the entire market.
  
  
• Tighter spreads
  As limit orders are displayed publicly rather than held privately, market spreads become tighter, benefiting the order placer, who has a higher chance of getting executed at the price and the market as a whole which has a tighter public reference price to work from.
  
  
• Auction participation
  You can participate in the pre-market and post-market auctions where the highest or lowest price often occurs.
  
  
• Peace of mind
  Regulation and market supervision by the Exchange.
  
  
• Certainty
  The order book is always available during trading hours.

DMA Education

Background to trading
Gain a better understanding of the differences between non-order book trading and order book trading. Find out more.

Level 2 market data
Level 2 market data provides the most comprehensive and in depth set of data available on trading activity. Learn about level 2 market data in order to trade more effectively via DMA.

DMA Simulator

To see the real benefits of DMA, why not try it out for yourself? The DMA Simulator provides you with an opportunity to interact with the order book by placing buy and sell orders using DMA. The DMA Simulator is based on historical level 2 market data, providing you with an accurate representation of a DMA service in a risk-free environment.

With the DMA Simulator, you will be able to:

• View all orders on the order book
• place buy or sell orders
• execute your orders directly on the order book
• monitor your performance until you reset your cash availability
• test trading strategies
• participate in auctions.

Getting started

To use the DMA Simulator for the first time, you will need to complete a simple registration form. Once you have registered to use the DMA simulator you will be given a fictitious budget of £10,000 to place orders on the DMA simulator.

Your trades will be automatically monitored and saved until you decide to reset the cash availability. You can return to your saved portfolio by simply entering your email address on the login page.

Launch DMA simulator

Please note: the DMA Simulator is only a simulation of the London Stock Exchange's order book - no actual profits or losses are generated through your use of the DMA Simulator. For real DMA use, you will need to contact a broker who provides a DMA Service

Please ensure that you are fully aware of associated rules and procedures before trading on the London Stock Exchange:

The Rules of the London Stock Exchange: details the rules governing the order book.

The Guide to TradElect: provides a comprehensive overview of the order book’s functionality and procedures.