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London Stock Exchange Derivatives Market

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London Stock Exchange Derivatives Market LSEDM TRADING SERVICES DESCRIPTION 19 November 2018 London Stock Exchange Derivatives Market TRADING SERVICES DESCRIPTION Version 7.5 19 November 2018 LSEDM TRADING SERVICES DESCRIPTION 19 November 2018 1. Introduction 6 Scope and Readership 6 Relevant Exchange Communication Channels 6 2. System Architecture 7 Central System (back-end level) 7 Access System (front-end level) 9 a. SAIL Protocol 9 b. FIX Protocol 9 c. HSVF Protocol 9 Post Trading Systems 10 Market Connectivity 10 a. Membership 10 b. User categories (for front-end Users) 10 c. Connection Types 11 d. Identification of Users 12 e. Throttling 13 Product Offering 13 Clearing and margining 13 3. Market Structure 14 Instrument Series and Groups 14 Market Reference Data 14 Instrument Group States 14 a. Start of Consultation 16 b. Intervention Before Opening (Order Cancellation) 16 c. Pre-Opening (Interest Rate derivatives only) 16 d. Opening (Interest Rate derivatives only) 17 e. Continuous Trading 18 f. Surveillance Intervention 18 g. End of Consultation 18 h. Mini Batch (Clearing Close) 18 i. Forbidden 18 j. Interrupted 18 Instrument Series States 18 Communication of Stressed Market Conditions (SMC) and Exceptional Circumstances (EC) 19 Series Generation and Symbology 20 Corporate Actions Treatment Rules 22 Corporate Action Identifier 22 Strike Price Generation 22 4. Order Management 27 Order entry and cancellation 27 Order to Trade Ratio (OTR) limits 27 Order modification 28 Order messages and acknowledgemen t 29 1 LSEDM TRADING SERVICES DESCRIPTION 19 November 2018 a. Price Type parameters 30 b. Price parameters 32 c. Quantity Term and Additional Quantity parameters 32 d. Duration Type parameters 33 e. Stop parameters 34 f. Clearing Data 35 g. Owner Data 35 h. Deferred Publication (DP) 36 Bilaterally Negotiated Trades (BNTs) 36 Strategy order management 40 Matching algorithms available on LSEDM 40 a. Best Price Setter (BPS) 42 b. First pass allocation 42 c. Residual policy 42 5. Quotes Management 42 Bulk Quoting (product dependent) 42 Market Makers and their obligations 43 Indication of Interest to Trade (IT) 43 6. Connectivity and Access 45 Physical Connectivity 45 Third Party Connectivity: Network Service Providers (NSPs) 45 Third Party Connectivity: Vendor Access Networks (VANs) 46 Internet VPN 46 Vendor Software Solutions 46 BCS FTP Service 46 Trading APIs 46 Drop Copy 46 Market Data API 47 Clearing API 47 7. Market Operations and Clearing 48 Transaction reporting and Market Identifier Code (MIC) 48 Central Counterparty Protection 48 Margining and Position Controls 48 Give Ups 49 Account Structure 49 Clearing reports 50 Exercise, Assignment and Settlement 50 8. Risk Controls 53 Exchange level controls 53 User defined controls 55 2 LSEDM TRADING SERVICES DESCRIPTION 19 November 2018 9. Tariff Models 61 10. Contacts 62 11. Appendix A – Controls 63 Price and Quantity Restrictions for equity derivatives 63 Price and Quantity Restrictions for Interest rate derivatives 65 Index options (Order Book price control), excluding FTSE 100 Index options 66 FTSE 100 Index and Index Weekly options (Order Book price control) - Trade vs. Settlement 67 FTSE 100 Index and Index Weekly options (Order Book price control) - Trade vs. Last 68 Stock options (Order Book price control)69 Too Deep Limits (for Norwegian Derivatives only) 69 12. Appendix B - Futures Contracts Fair Value Ranges 70 Equity derivatives 70 Interest rate derivatives 70 13. Appendix C - Standard combinations 71 List of Exchange-generated strategies for equity derivatives 71 List of Exchange-generated strategies for Interest Rate derivatives 71 14. Appendix D - Flexible combinations 73 LSEDM suggested convention for user-generated strategies 73 15. Appendix E - Bulk quoting protection: Default thresholds and user configurable ranges 75 IOB options (maximum volume protection only) 75 UK stock options (maximum volume protection only) 75 Norwegian index, options and futures 75 All other equity derivatives 76 Interest Rate derivatives 76 16. Appendix F - Specifying regulatory information in order entry messages 77 17. Appendix G - Trading venue, instrument, order and trade identifiers 81 3 LSEDM TRADING SERVICES DESCRIPTION 19 November 2018 Document history Issue Date Description 7.5 19 Nov 2018 Amendments related to tick size reduction of CurveGlobal Bond Futures Updates related to the SOLA 12.3 release: i) Deferred Publication for strategy trades, ii) 7.4 16 July 2018 Package Order Waiver, iii) Packs for CurveGlobal products 7.3 2 July 2018 Amendments related to the Too Deep Trading Safeguard for Norwegian Derivatives Changes to reflect new Short Sterling tick and introduction of CurveGlobal Three month 7.2 28 April 2018 SONIA futures Amendments related to i) SOLA 12 technical deployment (scheduled on 9 April 2018), ii) tick size change for Three month Sterling futures and related updates of Order Book price controls 7.1 15 March 2018 and Value Ranges parameters (effective on 23 April 2018) and iii) introduction of CurveGlobal® Three month SONIA futures (scheduled on 30 April 2018, subject to regulatory approval and SOLA 12 technical deployment) 7.0 3 January 2018 Changes to facilitate the Go-Live of MiFID II / MiFIR 6.9 2 October 2017 Delisting of Derivatives on FTSE UK Large Cap Super Liquid Index 6.8 19 June 2017 Revision of the Price-Quantity Controls for FTSE 100 and FTSE 100 weekly options Change of the Price Controls for EFP transactions in EQD; Updated SEP description to 6.7 24 April 2017 reflect latest set up for Interest Rate Derivatives Introduction of EFP/EFS transactions for EQD, Review of Block Thresholds for Norwegian 6.6 20 February 2017 Derivatives Review of Price Controls and Fair Value Ranges; Update to Appendix B - Matching algo 6.5 30 January 2017 details 6.4 19 December 2016 Introduction of the Too Deep Trading Safeguard for Norwegian Derivatives 6.3 29 November 2016 Change of the Price and Quantity Restrictions for equity derivatives (Appendix D) 6.2 28 November 2016 Extension of the Pre-Trade Validation Service (PTVS) to Equity derivatives 6.1 7 November 2016 Change of the Circuit Breakers for FTSE 100 Index based options 6.0 September 2016 Introduction of CurveGlobal products Trading on LSEDM Introduction of Reporting Broker Platform Provider (RBPP) service. Update to sections 3.3 and 4.3. 5.10 23 May 2016 Introduction of FTSE 100 index weekly options from 31 May 2016. Update to Block sizes for FTSE 100 monthly and weekly options, new Order Book price controls for weekly options in Appendix B. Update to Section 5.8 for IOB and Norwegian index options. 5.9 22 December 2015 Removal of Uralkali (delisted as of 22 December 2015) from Appendix E 5.8 8 December 2015 Change of minimum user defined thresholds for Bulk Quote protection Introduction of UK stock options with 100 share contract size. Amendments to Appendix B. 5.7 16 November 2015 Change to automatic exercise rule for Norwegian single stock options (Section 5.8). Introduction of UK stock options on Order Book and new UK stock futures for Block Trading 5.6 19 October 2015 and Trade Reporting 5.5 14 September 2015 Introduction of BIST 30 index futures and options 5.4 1 July 2015 Update to Appendix B (Price controls for Norwegian futures contracts) 5.3 1 May 2015 Minor updates reflecting Rulebook changes effective 1 May 2015 5.2 13 April 2015 Change to Norwegian derivatives strike price generation table LSEDM TRADING SERVICES DESCRIPTION 19 November 2018 5.1 30 March 2015 Updated Block trade parameters for UK Stock Options in Appendix B - Controls. Updated Trading Services Description for the upgrade of the LSEDM trading platform to SOLA 7.0. Added sections for Strategies, Tailor-made (Flex) series creation and promotion 5.0 6 March 2015 to Standard series, Block Trading, Bundled Orders (Multiple Block Trades), Third Party Order execution (Block Trading for Reporting Brokers) and Self Execution Prevention. Revised the ordering of the General and Trading Functionality Sections. 4.0 30 September 2013 Document creation under London Stock Exchange Derivatives Markets (LSEDM) 5 LSEDM TRADING SERVICES DESCRIPTION 19 November 2018 1. Introduction Scope and Readership This document provides Member Firms with the knowledge and technical details that are required for accessing and trading on the London Stock Exchange Derivatives Market (LSEDM). It also provides essential information for other users such as independent software vendors (ISVs) in regards to the functional design of their applications in order to interface with SOLA using the native SOLA Access Information Language (SAIL) protocol, FIX and High Speed Vendor Feed (HSVF) protocol. Market Participants who require further technical details may refer to the Technical Specifications on FIX/SAIL protocols and HSVF Market Data which are made available in the ‘Technical Specifications’ section of the LSEDM Document Library. Relevant Exchange Communication Channels The SOLA Access Information Language (SAIL) is the native protocol for LSEDM’s trading system, e.g. the management of orders and Market Maker quotes. The Financial Information eXchange (FIX) protocol is a messaging standard developed specifically for the real-time electronic exchange of securities transactions. FIX is a public-domain specification owned and maintained by FIX protocol Ltd. The High Speed Vendor Feed (HSVF) is the SOLA native market data dissemination feed; it is a high speed transmission protocol which broadcasts real-time trading and market statistics from SOLA including information on trades, quotes, market depth, strategies, bulletins, summaries and other statistics. HSVF uses a TCP/IP broadcast interface and standardised message formatting. 6 LSEDM TRADING SERVICES DESCRIPTION 19 November 2018 2. System Architecture The LSEDM Trading System is based on the SOLA trading software application and a dedicated technological infrastructure. It provides all the information and communication services supporting the functioning of the LSEDM market. The logical architecture of the LSEDM Trading System is depicted in Figure 1 and includes: i) the SOLA System, and ii) its interconnected systems.
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