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

127.36
London Stock Exchange welcomes Ukraine’s $1.25bn international sovereign bond to the Main Market

London Stock Exchange today welcomes Ukraine issuing its USD1.25bn 6.876% notes due May 2029 to London Stock Exchange’s Main Market. This is an inaugural listing of Ukraine’s sovereign Eurobonds on London Stock Exchange.
 
The new 8-year offering, which marked the first funding exercise of the Sovereign in international debt capital markets in 2021, received bids in excess of

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122.2
London Stock Exchange welcomes Glantus Holdings PLC to AIM

London Stock Exchange today welcomes Glantus to AIM under the ticker “GLAN”, after it raised gross proceeds of £10m for the Company and a further £4m for shareholders. The Placing Price was 102 pence per share resulting in a market capitalisation of £37m at Admission.

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45.04
London Stock Exchange welcomes Insig AI Plc to AIM

London Stock Exchange welcomes Insig AI Plc (ticker: INSG), a leading data science and machine learning company serving the asset management industry, to AIM today.

Insig AI joins AIM via a reverse takeover of its listed holding company Catena Group plc (“Catena”).  The new enlarged group is led by Executive Chairman, Matthew Farnum-Schneider, and Chief Executive Officer Ste

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139.72
London Stock Exchange welcomes Darktrace to the Premium Segment of the Main Market

Darktrace plc, the UK-based, leading autonomous cyber security AI company, has today reached a major milestone in its trajectory of rapid growth as it is admitted to the Premium Listing Segment of the Official List. It is trading on the Main Market of London Stock Exchange, having raised gross proceeds of £165m via a global share offer.  At the placing price of 250p per share, the company

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