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.

International Board
Our electronic order book which allows member firms and their customers to trade constituents of Straits Times Index (STI 30) and MSCI Singapore Free Index in London.

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.

Guide to the Trading System (MIT201)

Our commitment to continue to enhance our markets and deliver better value to customers is demonstrated by the adoption of MillenniumIT’s multi-asset class, ultra-low latency platform Millennium Exchange. The first download below - Guide to the Trading System (MIT201) - provides detailed information on the operation of Millennium Exchange including a generic description of its functionality.

The introduction of Millennium Exchange saw latency slashed to a tenth of our previous trading system (126us at 99th percentile average). Since that time we have launched new services including Sponsored Access, providing non-members a direct technical connection to our order books under the trading codes of a sponsoring member firm and also the International Board trading service which allows member firms and their customers to trade constituents of Straits Times Index (STI 30) and MSCI Singapore Free Index in London.

As well as order types such Iceberg, Hidden, Stop Loss and Stop Limit, Millennium Exchange has also seen the introduction of the Closing Price Crossing Session, to allow further trading opportunities at the official closing price for a period of time after the conclusion of the closing auction that generated it.

Since November 2012, a Passive Only order type has also been introduced. This will ensure the balance of an order would be expired immediately (after any executions against non-displayed orders priced within the visible Bid and Offer) rather than aggress a visible Bid or Offer on the book. Participants can also use the Passive Only order to specify that an incoming order should be accepted only if priced within a specified number of visible price points of the prevailing BBO (including the setting of a new BBO).

The Full Millennium Exchange Technical Specifications can be found here.

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 - 787 KB)
Securities Lending Corporate Governance (file pdf - 2 MB)
Introduction to Securities Lending (file zip - 12 MB)
Registered Market Makers by Security (file xls - 4 MB)
Dec 12 market consultation on trading of smaller equity securities outside FTSE 350 index (file pdf - 189 KB)
Response to market consultation on trading of smaller equity securities outside FTSE 350 Index (file pdf - 225 KB)