The Model

(i) Covered Warrant Order Book

A continuous trading environment centred on order execution against committed principals, effectively an electronic market making structure between 08:15 and 16:30.

(ii) Covered Warrant Request for Quote

Issuers may have covered warrants admitted to the Exchange and provide price discovery through mechanisms other than the Order Book, via retail service providers . Transparency for these warrants will be through the dissemination of reference data and trade reports between 07:15 and 17:15.

• Not all covered warrants have automatic execution through an Order Book, and alternative price messaging mechanisms may be used.
• The covered warrant market will be open to all participants, and the separation of warrants between order book and retail service provision will be on Exchange systems.
• Covered warrants will not be included in Central Counterparty (CCP).
• Access to the order book will be obtained through the Exchange members' existing links and technical infrastructure. 

(iii) Trade reporting

Although all secondary market trades involving a member firm need to be trade reported, only members need to submit trade reports. Reports should be submitted within 3 minutes of a trade between 07:15 to 17:15. Trade reports sent outside these hours will be disseminated before opening the following day.