Contents. BTS : Request for Quote for LSE. User Manual. January Version 2.0

Transcription

1 Cntents BTS : Request fr Qute fr LSE User Manual Versin 2.0

2 Cntents Index 1 Revisin Histry 3 2 Intrductin 4 3 Request fr Qute BTS slutin Requestr Side tl RFQ Requestr tl 5 Wrkflw steps 7 4 Request fr Qute BTS slutin Market Maker Side tl RFQ Market Maker tl 15 Wrkflw steps 16 5 Request fr Qute BTS slutin User Setup Default Values 25

3 BTS : Request fr Qute fr 1 Revisin Histry Issue Date Descriptin 1.0 June 2017 First release 2.0 Mifid II adaptatins 3

4 BTS : Request fr Qute fr 2 Intrductin The launch f new Request fr Qute (RFQ) functinality fr LSE market will ffer n-exchange benefits and cleared executin fr larger size trades, allwing greater flexibility and prtectin fr bth institutinal custmers and respnding market makers. The RFQ platfrm will run alngside and cmplement the existing rder bk structure prviding a mechanism whereby traders can privately negtiate and carryut large trades with market makers utside f the nrmal rder bk. Trading participants cnnected t the rder bk will be able t access the RFQ platfrm chsing if they are t remain annymus r named, registered market makers will be able t respnd t qutes via a private RFQ sessin. 4

5 BTS : Request fr Qute fr 3 Request fr Qute BTS slutin Requestr Side tl BTS frnt-end prvides a GUI that allws bth Traders t request fr a qute fr a particular instrument, and Market Makers t receive the RFQ and submit a RFQ Qute. 3.1 RFQ Requestr tl RFQ Requestr tl is available under BTS Quting menu, By clicking RFQ Requestr Mnitr the Requestr windw will pen. The Windw is cmpsed f three panels, described later n in the dcument: RFQ Entry RFQs list Trades List 5

6 BTS : Request fr Qute fr Qute Requestr tl is als available: 1) in Price Inf under dedicated menu RFQ : 2) by Right clicking n an Instrument rw: 3) via shift+f6 keybard shrtcut 6

7 BTS : Request fr Qute fr Wrkflw steps Submit a RFQ and Trade a received Qute 1) A new Request fr Qute can be submitted by the Requestr frm the Qute Request panel thrugh the fllwing steps: a) Select the instrument: a drpdwn menu with all available markets is presented. In the cntract selectr field, it is pssible t select the instrument by: pening the Dictinary; dragging and drpping ne instrument frm anther windw; typing the instrument itself. Aut-cmpletin lgic is the same applied in ther BTS windws. Once the Instrument is cnfirmed, Market Makers list, specific reference data (eg : Max Quantity RFQ, Min/Max Value RFQ) and statistics (eg : Last Trade, RFQ Trade high/lw, RFQ Cumulative Size, RFQ Number f trades) are displayed, als Client Identificatin, Investment Decisin and Executin cde set by default by the user are prvided. b) Input Size, Expiratin, Annymity Maximum Expiratin is prvided by default but can be decreased by the User RFQ Annymity can be Annymus r Named, in the secnd case User may chse up t 5 Market Makers FirmID t address the RFQ 7

8 BTS : Request fr Qute fr Cnfirm the RFQ by clicking the side c) Once cnfirmed and accepted by the Market, the RFQ is listed in the RFQs panel Fr each (Pending) RFQ the fllwing details are prvided: Instrument Descriptin Status f the RFQ Last Event Descriptin Last Event Time Expiratin cuntdwn in secnds RFQ Size RFQ Side (B, S r Bth) List f Market Makers the RFQ is addressed, displayed nly in case f Named RFQ Client Identificatin, Investment Decisin and Executin cde 8

9 BTS : Request fr Qute fr 2) The Best Bid Ask f the Qutes received by the Market Makers is displayed by default: By selecting a RFQ rw the full qutes levels are displayed in a vertical bk 9

10 BTS : Request fr Qute fr 3) Qute Requestr can match against : The Best available qute (Best Executin mdel): 1. Right click n RFQ rw and select Best Acceptance ptin 2. Duble click n any cell f RFQ rw but the vertical bk nes Specific Qute (Select and Match mdel) 1. Duble click n a specific Qute in the vertical bk 2. Right click n RFQ rw and select Best Acceptance ptin Select and Match : a pp up windw will appear shwing all the Qutes fr the selected RFQ. Belw the Qutes bk, Standard Order Bk best bid ask is prvided as cmparisn Picking a specific qute will give the pssibility t amend the size that will be traded, then as a standard Order Bk, by clicking the ppsite Side buttn the requestr will apply the Qute 10

11 BTS : Request fr Qute fr Best Acceptance : a pp up windw will appear shwing the current best Qutes. Qute Acceptance windw will pen, belw the BestQute Prices, Order Bk best bid ask is prvided as cmparisn. As a standard Order Bk, by clicking the Side buttn the requestr will apply the Qute n the ppsite side. 11

12 BTS : Request fr Qute fr 4) Once a Qute is accepted by Requestr and traded n the market: The fllwing infrmatin will be added: Accunt Type Capacity Executed Side (B r S) Executed Size Executed Price Executin Time Stamp RFQ status will be Traded and Last Event Time RFQ Accepted and Clsed. The same Trade will als be listed in the Trades panel with Trade Type RFQ 12

13 BTS : Request fr Qute fr Cancel an active RFQ BTS users may cancel a submitted and active RFQ by right clicking n the RFQ rw and select Cancel: RFQ will be displayed with Status Cancelled: 13

14 BTS : Request fr Qute fr RFQ Histry RFQ Requestr has the pssibility t cnsult the histry f the events ccurred. By right clicking n the RFQ rw and select the Histry ptin RFQ histry will be displayed: 14

15 BTS : Request fr Qute fr 4 Request fr Qute BTS slutin Market Maker Side tl 4.1 RFQ Market Maker tl RFQ Market Maker tl is available under BTS Quting menu By clicking RFQ Market Maker Mnitr the Market Maker windw will be displayed. The Windw is cmpsed f three panels: Qute Entry Received RFQs list Trades List 15

16 BTS : Request fr Qute fr Wrkflw steps Submit a Qute in respnse t a RFQ A Qute in respnse t a RFQ can be submitted by Market Maker user thrugh this steps: 1) In the RFQ panel all RFQs received fr the selected market are listed. Fr each RFQ the fllwing data are prvided: Instrument Descriptin Status f the RFQ Requestr PartyID (in case f named RFQ) Last Event Descriptin Last Event Time Expiratin cuntdwn in secnds RFQ Size RFQ Side (B, S r Bth) 2) Create the Qute: Select the RFQ rw in the RFQs list and the Qute Entry panel abve will be preppulated. 16

17 BTS : Request fr Qute fr Qute Entry Optin is als available via cntext menu by right clicking n the RFQ rw: By duble clicking the rw f the RFQ the Market Maker wants t accept, the Qute Entry windw will appear. Input fields are: Capacity Accunt Type Price and Size f the Side(s) t submit Client Identificatin, Investment Decisin and Executin The size is filled up by default with the RFQ size 17

18 BTS : Request fr Qute fr By clicking n the Radi Buttns belw the Price cell the user can decide t apply a different Tick t the Qute Price. In this example the Price Tick applied t Starting Price is 1x 0,0001 (default Market Tick Price), that is ,0001: Then if 1000x is chsen, 0.1 tick is applied. S, in this case 2 clicks n the dwn arrw wuld give a price f ,

19 BTS : Request fr Qute fr 19

20 BTS : Request fr Qute fr 3) By clicking the Side buttn the Qute will be submitted. The Side Buttns will be activated when the related Price is set, please nte that in case the side has nt been requested fr the qutatin, the buttn will remain greyed ut Examples are given belw: Received RFQ is duble Market Maker may answer with a Single Side Qute r a Duble Qute Received RFQ Side is SELL Market Maker may answer with a BUY Qute r a Duble Qute nly 20

21 BTS : Request fr Qute fr 4) Once cnfirmed and accepted by the Market, the Qute is added in the RFQs rw. 21

22 BTS : Request fr Qute fr 5) If the Qute is accepted by the Requestr, a Trade is added in the Trades panel and Executin inf are updated (ExeSide, ExeSize, ExePrice, ExeTime): Reject a RFQ BTS users may reject a received RFQ by right clicking n the RFQ rw and select RFQ Refuse : Then RFQ status will change t Refused: 22

23 BTS : Request fr Qute fr Mdify a submitted Qute Market Makers have the pssibility t Mdify an already submitted Qute by duble clicking n the RFQ rw r right click and select Qute Entry. Qute Entry will pen, and Price/Size can be mdified: Please nte that the mdified Qute must have the same Side as the riginal ne Cancel a submitted Qute Once a Qute has been sent t the Market - but nt yet accepted - Market Makers may Cancel the submitted Qute: RFQ Status will change back t Pending, while LastEvent will infrm abut the Cancelled Qute: 23

24 BTS : Request fr Qute fr RFQ Histry Market Makers have the pssibility t cnsult the histry f the events ccurred by right clicking n the RFQ rw and selecting the Histry ptin. Qute histry will be displayed: 24

25 BTS : Request fr Qute fr 5 Request fr Qute BTS slutin User Setup 5.1 Default Values Frm the Default Setup windw that can be fund under the General Settings menu bth Requestr and Market Maker users are able t set a default Accunt Type and Capacity value fr the RFQ and submitted Qutes. The Default Values tab can be used t define mandatry fields required by the market. 25

26 BTS : Request fr Qute fr Frm Setup tab BTS user can decide t disable the cnfirmatin pp ups displayed fllwing each actin f the RFQ/Quting wrkflw: 26

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28 Disclaimer Heading This dcument cntains text, data, graphics, phtgraphs, illustratins, artwrk, names, lgs, trade marks, service marks and infrmatin ( Infrmatin ) cnnected with Brsa Italiana S.p.A. ( Brsa Italiana ). Brsa Italiana attempts t ensure Infrmatin is accurate, hwever Infrmatin is prvided AS IS and n an AS AVAILABLE basis and may nt be accurate r up t date. Infrmatin in this dcument may r may nt have been prepared by Brsa Italiana and in this last case is made available withut respnsibility n the part f Brsa Italiana. The publicatin f this dcument des nt represent slicitatin, by Brsa Italiana, f public saving and is nt t be cnsidered as a recmmendatin by Brsa Italiana as t the suitability f the investment, if any, herein described. Cntact Details Technical Accunt Management Telephne: +44 (0) lndntam@lseg.cm