Retail Broker Order Book Trading Scheme

  1. Overview
  2. Retail definitions & eligibility
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The Retail Broker Order Book Trading Scheme enables Member Firms to benefit from a fee waiver for qualifying orders originating from a Retail Investor electronically executed on the London Stock Exchange order books. All qualifying orders executed through the scheme will be set at 0.00 basis points.

Who is the scheme for?

The Retail Broker Order book Trading Scheme covers electronically executed orders originating from Retail Investors which are submitted via a Member Firm.

Useful links

Retail market data end user fee waiver

Participants of the Retail Broker Order Book Trading Scheme are also eligible for fee waivers on a retail market data redistribution licence.

Learn more

Subscribing Firms

Subscribing firms with Retail Investors and Brokers access
Subscribing Firms Provide Access to Retail Investors? Provide Access to Retail Brokers?
Yes Yes
No Yes
No Yes
Yes No

LSE at Mid

New midpoint trading functionality that enables participants to interact with non-displayed liquidity across all order sizes, removing the historical Large-in-Scale (LIS) constraint. The service also enables retail flagged orders to interact with dedicated liquidity provided by Retail Liquidity Providers (RLPs), helping further enhance execution opportunities.

View factsheet

Retail definitions & eligibility

  • “Retail Investor” means a customer of a Member Firm who:

    1. is
      • (a) in the UK and does not carry out a regulated activity within the meaning of the Financial Services and Markets Act 2000;
        or
      • (b) not in the UK (including the Republic of Ireland) and is not required to be regulated or supervised by a body concerned with regulation or supervision of investment or financial services;
    2. is not currently registered or qualified as a professional securities trader or investment adviser with any trading venue, regulatory authority, professional association or recognised professional body;
    3. does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
    4. is trading solely in relation to the management of their personal funds. Where individuals are unable to comply with any of points 1-4 above but would like

  • “Retail Investor” means a customer of a Member Firm who:

    1. is
      • (a) in the UK and does not carry out a regulated activity within the meaning of the Financial Services and Markets Act 2000;
        or
      • (b) not in the UK (including the Republic of Ireland) and is not required to be regulated or supervised by a body concerned with regulation or supervision of investment or financial services;
    2. is not currently registered or qualified as a professional securities trader or investment adviser with any trading venue, regulatory authority, professional association or recognised professional body;
    3. does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
    4. is trading solely in relation to the management of their personal funds. Where individuals are unable to comply with any of points 1-4 above but would like

  • Option 1: Native Trading Gateway users – Member Firm user ID(s) declaration

    • Any Member Firm using the Native Trading Gateway interface for Millennium Exchange wishing to benefit from the Scheme must provide the Exchange with a declaration.
    • In relation to orders that qualify for the Scheme, a Member Firm must send the orders via a specified list of User ID(s) as identified by the Member Firm in the declaration.
    • In providing the declaration and until such time as the Member Firm requests amendment or removal of the specified User ID(s), the Member Firm confirms that any order sent with these User ID(s) is an eligible Retail Investor order.
    Retail Broker application form TraderID Native - October 2024 (PDF)

    Option 2: Native Trading Gateway users – Member Firm Trader ID(s) declaration

    • Any Member Firm using the Native Trading Gateway1 interface for Millennium Exchange wishing to benefit from the Scheme must provide the Exchange with a declaration.
    • In relation to orders that qualify for the Scheme, a Member Firm must enter one of four separate series of alphanumeric characters in the “Trader ID” field in each New Order message. These characters must be agreed in advance with the Exchange and identified by the Member Firm in the declaration.

    In providing the declaration and until such time as the Member Firm requests amendment or removal of the specified Trader ID(s), the Member Firm confirms that any order sent with these Trader ID(s) is an eligible Retail Investor order.

    Retail Broker application form TraderGroup FIX - October 2024 (PDF)

    Option 3: FIX Trading Gateway users – Member firm trader group(s) declaration

    • Any member firm using the FIX Trading Gateway interface for Millennium Exchange wishing to benefit from the scheme must provide the Exchange with a declaration
    • In relation to orders that qualify for the scheme, a member firm must send the orders via a specified list of trader groups as identified by the member firm in the declaration
    • In providing the declaration and until such time as the member firm requests amendment or removal of the specified trader group(s), the member firm confirms that any order sent with these trader group(s) is an eligible retail investor order
    Retail Broker application form TraderGroup FIX - October 2024 (PDF)

  • In relation to orders that qualify for the Scheme, a Member Firm must enter Retail Flag i.e. ‘OwnerType’ field with a value of “1” in each New Order message, confirming that any order flagged as a Retail i.e. ‘OwnerType’ = 1 is an eligible Retail Investor order.

Contact us

Interested in the Retail Broker Order Book Trading Scheme? Complete the form below and a member of our team will be in touch.

  •
    William Fenna
    Retail Trading & Personal Investing Lead
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