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Features and benefits


MAC enables non member firms to directly access the Exchange’s order books under an authorising member firm’s trading codes. An authorising member firm retains responsibility for all trades and orders placed by the MAC customer (non member firm).

MAC is only available to non member firms. Firms should first explore the benefits of becoming a member  of the London Stock Exchange before considering MAC.

Key features

  • A MAC customer can trade all centrally cleared securities on the Exchange's centrally cleared order books; SETS, SETSqx, EUROSETS (and IOB from Q1 2009) under the authorising member firm’s trading codes.
  • MAC customers can connect directly to the Exchange’s trading system, TradElect, using low latency connectivity options such as Exchange Hosting, a 100MB Extranex connection or via a Network Service Provider.
  • Separate trader groups are set up for each MAC customer to ensure orders are clearly segregated.
  • An authorising member firm remains responsible for all orders placed by the MAC customer and must have sufficient risk management controls and procedures in place to prevent the entry of erroneous orders to the Exchange’s markets.
  • Authorising member firms receive ‘copy to’ messages for all orders submitted by their MAC clients but must not rely on this functionality to provide oversight of the derived trade flow.

Key benefits for MAC customers (non member firms) include:

  • Direct low latency connection and access to the world's deepest pool of liquidity in UK equities, in addition to other trading instruments.
  • Orders are placed directly on the Exchange’s order books without being routed through a member firm’s usual Order Management System (OMS) thereby potentially reducing latency and improving the certainty of execution.

Key benefits for authorising member firms include:

  • MAC customers' order flow will be attributed to the authorising member firm in respect to our order book volume discount scheme, which could result in lower Exchange fees.
  • Expand range of services to existing clients.
  • Meet the needs of the changing market and attract new clients by offering more choice and low latency access to TradElect.

Downloads
MAC Service and Technical Description December 2008 (pdffile pdf - 116 KB)
MAC for your clients fact sheet (pdffile pdf - 199 KB)
MAC fact sheet (pdffile pdf - 203 KB)

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