Order Transparency Parameters

Reserve Orders

The disclosed quantity of a reserve order means the quantity of securities the Member wishes to be made apparent to the market. It is the maximum quantity of securities that will be visible to the market at any given time.

On entry the Member must specify a total volume and a peak volume (displayed quantity) which must be greater than a minimum size (10 times the trading unit). The initial peak is introduced into the order book with the original timestamp of the reserve order. When a reserve order is executed for its disclosed quantity (the 'peak') that quantity is renewed automatically and the order is positioned behind orders at the same limit. For the execution of one entering opposite-side order, the displayed quantities of all orders at the same price first are executed on a time priority basis and secondly the remaining reserve orders are executed for their total amount according to a time priority.

The modification of the total quantity does not affect the order priority.

Guaranteed Cross Trades

The automatic execution through the order book of a buy and a sell order from a Member is permitted by the order book system. The resulting trade will be marked. Guaranteed cross trades have to be limited at a price within the best bid and offer (BBO), boundaries included. The trading platform automatically rejects a guaranteed cross trade outside the BBO.

A guaranteed cross trade is said to be a principal trade if it involves a Member trading voluntarily against their clients. It shall be effected on the conditions applicable to cross trades.