SETSqx and SEAQ

What is SETSqx?

Stock Exchange Electronic Trading Service: Quotes and Crosses (SETSqx) is a trading service for securities less liquid than those traded on SETS. The auction uncrossings are scheduled to take place at 8am, 9am, 11am, 2pm and 4:35pm. There are 2 types of order book model for SETSqx depending on whether the security has registered market makers providing non-electronic quotes. An execution in the final auction will set the security’s closing price for the day and generate a closing price crossing session, which provides a further trading opportunity to execute business at the closing auction price. Electronic orders can be named or anonymous and order book executions will be centrally cleared where indicated in Millennium Exchange & TRADEcho Business Parameters document.

There are two types of model for SETSqx, depending on whether the security has registered market makers providing non-electronic quotes. The model in operation determines which time in forces are valid for the electronic orders, and how these orders are publicly displayed ahead of the scheduled uncrossing.

SETSqx with Market Makers

This model combines a periodic electronic auction book, with standalone non-electronic quote-driven market making.  Registered market makers are obliged to make firm, 2-way quotes, between 8am and the end of the closing auction (including any price monitoring or market order extensions). While market maker quotes are not obliged to participate in any of the auctions, the mid of their best bid–offer forms the closing price should there be no closing auction execution that day. Electronic orders are only visible during the 10-minute call period ahead of the next scheduled uncrossing, except for the closing auction when the call period is restricted to five minutes. If time in force GFS is used any unexecuted orders will carry forward to the remaining auctions that day (but will only be visible in the call periods).

SETSqx with NO Market Makers

In this model the order book moves into next auction call immediately following previous uncrossing. Therefore orders are visible on submission until executed, cancelled or expired.  This model supports an extensive range of Non-London, Equity and Equity Like that is not defined by ESMA as liquid.  This is to facilitate On Exchange trade reporting in these instruments (SSX4 SXEL).

See European Quoting Service (EQS) for the equivalent service for securities defined by ESMA as liquid. 

 

What is SEAQ?

SEAQ is London Stock Exchange's non-electronically executable quotation service that allows market makers to quote prices in a number of fixed interest securities.

Registered market makers by security

Find out about companies we have welcomed to our markets

79.2
London Stock Exchange welcomes Wheaton Precious Metals to the Main Market

London Stock Exchange today welcomes Wheaton Precious Metals Corp. ("Wheaton" or the "Company") (LSE, NYSE, TSX: WPM), one of the world’s largest precious metals streaming companies, to trading on the Main Market.  Wheaton is the first company of its kind to join the bourse, offering investors with the upside associated with mining companies but with a much lower risk profile.  

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119.12
London Stock Exchange welcomes The San Francisco Public Utilities Commission’s Green Bond to the Sustainable Bond Market

The San Francisco Public Utilities Commission becomes first US muni to list green bonds on London Stock Exchange

The San Francisco Public Utilities Commission (SFPUC), a department of the City and County of San Francisco, launched the first US municipal green bond on London Stock Exchange.  
 
The SFPUC is a leader i

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92.36
London Stock Exchange welcomes Kaspi.kz to the Main Market

Kaspi.kz, which operates the Kaspi.kz Super App, Kazakhstan’s most popular mobile app and the gateway to its market leading Payments, Marketplace and Fintech platforms, today celebrates its admission to the London Stock Exchange’s Main Market through trading on the International Order Book.  The company, trading under the ticker symbol KSPI.LI, achieved a market capitalisation of $6.5 bill

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139.04
London Stock Exchange welcomes SDIC Power Holdings Co., Ltd. to Shanghai – London Stock Connect

London Stock Exchange today welcomes SDIC Power Holdings, a leading power generation company in China, to open London’s markets for trading. The occasion marks the successful listing of the Company’s GDRs, utilising the Shanghai-London Stock Connect segment of the Exchange’s Main Market.

SDIC Power operates a diversified portfolio of projects across hydropower, coal-fired power, wind

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