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SETS


SETS is the London Stock Exchange’s flagship electronic order book, trading FTSE100, FTSE250, FTSE Small Cap Index constituents, Exchange Traded Funds, Exchange Trading Products as well as other liquid AIM, Irish and London Standard listed securities. The Exchange also operates a version of SETS on a modified trading cycle that supports Securitised Derivatives.

Functionally rich with multiple order types, market maker support all the way up the book, SETS is one of the most liquid electronic order books in Europe. It is this liquidity, underpinned by a rigorous rulebook and market supervision, coupled with the widest stock coverage, that attracts so many participants creating unrivalled opportunity to do business.  Market participants can choose from 2 competing clearers ensuring anonymous pre and post trading, along with full counterparty protection.

SETS Developments

As well as significant improvements in latency, the switch of our trading system to Millennium Exchange saw the launch of new order types Stop Loss and Stop Limit.  Further details of Millennium Exchange can be found here.

Stop Loss orders.  Allow participants to enter an order that will be parked until the stop price is met.  At this point the order will entered for immediate execution at best.

Stop Limit orders.  Allow participants to enter an order that will be parked until the stop price is met.  At this point the order will be entered as a standard limit order.

Hidden order functionality
SETS continues to support non-displayed “hidden” order functionality which enables customer’s orders to interact with a deep, liquid order book, providing a high probability of execution, whilst restricting information leakage and helping to reduce the total cost of trading.

Hidden limit orders. Allow participants to enter a limit order where both the price and volume are hidden. This means that unlike an iceberg where there is a continual refresh in the peak size, other participants have no idea if it is there or not. These orders can only be entered where it meets the Large-In-Scale or Large Order Threshold considerations.

Hidden pegged orders. Allow participants to peg their order to, or at a differential or offset to, the Exchange’s Mid Price. Hidden pegged orders provide greater flexibility and increase the likelihood and immediacy of execution.

Mid price orders enable execution at the true mid price, i.e. within the tick size, so if the security is at a one tick spread, execution will occur at half a tick, delivering half a tick price improvement.

SETS securities

A Breakdown of SETS securities is currently provided each week.  A list of SETS equity securities can be found within the Downloads section of this page.  A list of all Exchange Traded Funds and Exchange Traded Products can be found here.  A list of Securitised Derivatives can be found here. 

Should you wish to keep your trading database synchronised on a real time basis, you may wish to subscribe to either the Datasync Email Service or the Datasync Daily Tradable Instrument Report (DTI).  Further details can be found here.

If you want to find out more, please contact clients@londonstockexchange.com.
 
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