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

London Stock Exchange today welcomes Softline to Main Market

London Stock Exchange today welcomes Softline, a leading global solutions and services provider in digital transformation and cybersecurity, to the Standard Segment of the Main Market of London Stock Exchange trading under the ticker symbol SFTL.

Softline's objective is to help improve business performance and quality of life through the most effective use o

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London Stock Exchange welcomes Tungsten West to AIM

Tungsten West Plc (“Tungsten West” or “the Company”) is a UK based company focussed on recommencing production at the Hemerdon tungsten and tin mine (“Hemerdon” or the “Project”) in Devon, England.

The Hemerdon mine is the world’s third largest Tungsten resource, had over £170m spent on it via the previous operator and has a mine life of 18.5 years. The Company is focused on rebuildin

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London Stock Exchange welcomes Castelnau Group Limited to the Specialist Fund Segment to the Main Market

The London Stock Exchange today welcomes Castelnau Group Limited (‘Castelnau’), an investment company established to invest in public and private companies with the aim of outperforming the FTSE All Share Total Return Index over the long term.  The ordinary shares of Castlenau will be listed on the Specialist Fund Segment of the Main Market.</

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London Stock Exchange welcomes Light Science Technologies Holdings plc

Today, London Stock Exchange welcomes Light Science Technologies Holdings plc (“LSTH”) to trading on AIM under the ticker LST. In October 2021, LSTH successfully raised gross proceeds of £5 million (the “Placing”) and the Company’s market capitalisation on admission was approximately £17.5 million.

The net proceeds of the Placing, which are receivable by the

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