Order Book for Fixed Income Securities

The Order book for Fixed Income Securities (OFIS) is an electronic platform operated by the London Stock Exchange for trading bonds and other debt instruments. It combines the transparency of an order-driven market with the liquidity provided by market makers, ensuring regulatory compliance and efficient execution for both retail and institutional participants. 

The market model means investors are able to see prices on-screen and click-and-trade, taking advantage of market makers’ executable quotes.

OFIS offers trading across multiple segments and sectors. The different segments and sectors can accommodate professional only as well as Access Bonds (available to retail) with trading available in a broad range of currencies, including GBP, USD and EUR. Securities available on OFIS segment and sectors include:

• UK-listed debt securities admitted to the Main Market under UK PRM Rules, including instruments flagged as Access Bonds for retail eligibility.
• Debt securities admitted to the International Securities Market available for wholesale investors only (not subject to UK PRM Rules).

To find detail on all segments and sectors available on OFIS please refer to the trading parameters found on Shares trading.

Market makers are available for all securities on OFIS, providing continuous liquidity and meeting obligations on quote size and spreads. To become a market maker, firms must register via the Member Portal and maintain two-way quotes for at least 90% of continuous trading hours. For more information on Market Maker obligations, please refer to the Fixed Income Market Maker factsheet (PDF).

Settlement is T+2 on OFIS with CREST as the preferred settlement system. Gilts settle on a T+1 basis. Alternative settlement options via Euroclear Bank and Clearstream are also available.

• Supports end-of-day pricing and continuous quoting.
• Range of order types available, including market orders, limit orders, iceberg orders, and two-way executable quotes from market makers are available.
• Accommodates sukuks, and other innovative debt instruments.
• Displays securities from LSE’s Sustainable Bond Market, enabling trading of green, social, and sustainability-linked bonds.