A convenient way to trade fixed income securities
The Order Book for Fixed Income Securities (OFIS) is an electronic trading service for order book trading of corporate bonds and other debt securities. The different segments and sectors can accommodate retail- or wholesale-denominated securities, with trading available in GBP, USD, EUR and other currencies. OFIS also includes multilateral trading facility (MTF) segments, allowing member firms to trade non-London-listed securities on an MTF managed and supervised by London Stock Exchange. The preferred settlement system is CREST; however, settlement through Euroclear Bank and Clearstream is also available.
- The market model introduced by London Stock Exchange at the launch of OFIS means investors are able to see prices on-screen and click-and-trade, taking advantage of market makers’ executable quotes. OFIS was launched to offer investors a fully transparent trading service that is fully compliant with MiFID regulations.
- OFIS is also a platform for primary market issuance. On 13 November 2014 Societe Generale listed a new collateralised note, the first dedicated issue on OFIS.
Securities available on OFIS
- UK-listed debt securities listed under the Prospectus Directive and admitted to a regulated market (London Stock Exchange’s Main Market)
- Debt securities listed on other EEA-regulated markets (under the Prospectus Directive)
- Debt securities not subject to the Prospectus Directive and admitted to the Professional Securities Market (PSM segment).
OFIS segmentation
OFIS offers trading for London-listed debt instruments admitted to the regulated market, with separate sectors for retail and wholesale denominations. OFIS also offers an exchange-regulated segment for international debt (MTF), which allows trading of debt listed on other EEA exchanges. This segment also offers two separate sectors for retail and wholesale denominations. Lastly, professional debt listed on the Professional Securities Market (PSM) can also be traded on OFIS on an exchange-regulated segment.
| Segment Code | Segment Description | Sector Code | Sector Description |
|---|---|---|---|
| RCNT |
EU regulated market Securities are listed on London Stock Exchange’s Main Market Securities appear on UKLA’s official list |
CRDQ | Denomination equal to or below 10,000 |
| CWDQ | Denomination above 10,000 | ||
| EXCQ |
Exchange regulated (MTF) Securities are listed on other EEA exchanges Securities do not appear on UKLA’s official list |
INRQ | Denomination equal to or below 10,000 |
| INWQ | Denomination above 10,000 | ||
| EXPQ |
Exchange regulated market Securities are listed on London Stock Exchange’s Professional Securities Market (PSM) Securities appear on UKLA’s official list Outside Prospectus Directive |
PDCQ | Order book trading |
Market micro structure
- Order-driven market (with presence of committed market makers)
- Market makers’ quotes are executable (obligations in terms of quoting sizes and maximum spreads)
- Opening auction, continuous trading (08:00–16:30), closing auction.
- Retail-denominated securities – normally 1,000 £/$/€
- Wholesale-denominated securities – normally 100,000 £/$/€.
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