Order Book for Fixed Income Securities

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

Market model
  • 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.
Minimum lot
  • Retail-denominated securities – normally 1,000 £/$/€
  • Wholesale-denominated securities – normally 100,000 £/$/€.
Order types
  • All the usual order types available for traders (market orders, limit orders, iceberg orders, and market makers can send two-way executable quotes).
Settlement
  • T+2
  • Settlement in CREST, Euroclear or Clearstream.

Documents and downloads

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