Trading services

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From our premium fully electronic order-driven services for liquid UK and international Global Depositary Receipts, through to our quote driven market maker services for less liquid securities, our Trading Services are designed to maximise liquidity in the securities traded on them.

Our domestic trading services

SETS
SETS is the London Stock Exchange's premier electronic trading service that combines electronic order-driven trading with integrated market maker liquidity provision, delivering guaranteed 2-way prices.

SETSqx
SETSqx (Stock Exchange Electronic Trading Service – quotes and crosses) supports 4 electronic auctions a day at 8am, 11am, 3pm and 4:35pm, along with continuous stand alone quote driven Market Making.

SEAQ
Quote driven platform for Fixed Interest market and AIM securities not traded on either SETS or SETSqx.

Our international trading services

International Order Book
Our electronic order book for trading Global Depositary Receipts from some of the worlds fastest growing markets.

European Quoting Service
Quote Driven Market Making and trade reporting service for liquid MiFID securities not on another Exchange service

European Trade Reporting
Trade reporting service for non-liquid MiFID securities not found on another Exchange service.

Business Days

Our Trading Services are available on all UK business days, our OTC MIFID trade reporting services are also available on UK bank holidays, for further details see here.

Millennium Exchange

Our commitment to continue to enhance our markets and deliver better value to customers is demonstrated by the migration of our UK cash markets to Millennium Exchange. This has seen latency slashed to a fifth of our previous trading system (126us at 99th percentile average) and allowed the launch of new services such as Sponsored Access, providing non-members a direct technical connection to our order books under the trading codes of a sponsoring member firm.

As well as significant improvements in latency, the switch of our trading system saw the launch of new order types including Stop Loss and Stop Limit. Hidden orders continue to be available on SETS and IOB order books. Using the MiFID large in scale criteria, participants are able to directly interact with the order book without providing any pre-transparency. The hidden pegged functionality provides a further option to automatically link an order to the mid of bid / offer, offerring price improvement against the displayed liquidity. Further details of Millennium Exchange can be found here.

Guide to the New Trading System

The first download below provides detailed information on the operation of Millennium Exchange including a generic description of its functionality.

Millennium Exchange Business Parameters

The detailed operation of each Trading Service is governed by the specific configuration of Millennium Exchange for that service and the Rules of the London Stock Exchange. The Millennium Exchange Business Parameters is the second download below providing details of the configuration of each trading service including:

details of daily trading schedule including timings
basis of calculation of opening & closing prices
publication and settlement regime in operation
structure of price monitoring and ruling thresholds
order and trade types enabled including details of any minimum size constraints
comparison between Trading Services including selection criteria
Overview of market maker obligation sizes (EMS)

Downloads

Guide to the Trading System (MIT201) (file doc - 1 MB)
Millennium Exchange Business Parameters (file xls - 774 KB)
Securities Lending Corporate Governance (file pdf - 2 MB)
Introduction to Securities Lending (file zip - 12 MB)
Registered Market Makers by security 18 April 2012 (file xls - 1 MB)