The IOB enables investors to unlock the potential of some of the world’s fastest growing markets through a single central electronic order book. It offers easy and cost efficient direct access to securities via depositary receipts from 46 countries, including those in Central and Eastern Europe, Asia and the Middle East.
The market has grown rapidly since its inception in 2001, with five of the twenty most heavily traded securities on the London Stock Exchange being traded on the IOB in the second half of 2011.
With similar order functionality as found on SETS, IOB provides a deep, liquid market. This visible liquidity is supplemented by the potential to obtain price and / or size improvement on execution. This is made possible by the minimum size for hidden orders and the minimum peak of iceberg orders both being set at around US$14,000, encouraging the provision of larger un-displayed orders. Price improvement is further enhanced by the option to automatically update a hidden order to the mid of best visible bid / offer.
Introduction of integrated electronic market making from 2 April 2012
Following a market wide consultation, integrated electronic market making will be available on IOB from 2 April 2012. This change will allow member firms to register to a commitment to provide a two-way Executable Quote (displaying member firm’s identity) on a security by security basis, on any IOB security. This will see the removal of the Named Order functionality and bring IOB even closer in line to SETS. More information on the original consultation can be found here.
IOB Order Book Trading Statistics
For the latest whole month's IOB trading statistics and listings overview please click here.
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