 |
Market Operation and Trading
 Return
to Cash Securities List
- Proposals are displayed exclusively by Market Makers in anonymous form.
Market participants only become aware of the identity of trade counter-parties
after a trade is executed.
- Auto-matching of proposals. The proposals sent are automatically matched
with the proposals of the opposite side respecting a price and time priority
algorithm and they remain active in the market until the drip quantity
is exhausted.
- Auto-matching between proposals (bid/offer) and orders (hit/lift). When
a proposal is acted upon, orders are executed according to the time they
are sent.
- Manual matching. Orders for amounts below the minimum trade quantity
(odd-lots) are subject to manual acceptance at the discretion of the Primary
Dealer (Market Maker) in a maximum time of 30 seconds. If the Primary Dealer
does not act during this period, the order request is automatically rejected.
- For each market, Market Makers may display the entire quantity they are
willing to trade (block quantity) or a smaller amount (drip quantity),
whilst the remaining quantity will remain hidden to the market. As the
first proposal is hit/lifted, the next will automatically appear.
- Parallel quoting. Participants in a domestic market and in EuroMTS benefit
from the parallel quotation facility that gives them the ability to simultaneously
enter a proposal for the same bond on both markets, possibly with a different
drip quantity.
- Proposals, once posted, cannot be cancelled, but only modified, suspended
or reactivated.
- Minimum proposals and order quantities vary
according to product class.
|
