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.
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).
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.
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