Periodic auction trading A system that matches The price at which the auction For each financial instrument, TradeCaptureReport(35=AE) system orders on the basis of a trading system would best satisfy the at which the auction VenueType(1430)=A (Auction driven market) periodic auction and a its trading algorithm in respect of trading system would best satisfy trading algorithm shares, depositary receipts, ETFs, its trading algorithm and the operated without human certificates and other similar volume that would potentially be intervention. financial instruments traded on executable at that price by the trading system and the participants in that system. volume that would potentially be executable at that price by participants in that system. Request-for-quote A trading system where a The quotes and the attached The quotes and the attaching TradeCaptureReport(35=AE) trading system quote or quotes are volumes from any member or volumes from any member or VenueType(1430)=N (Quote negotiation) provided in response to a participant which, if accepted, participant if accepted, request for a quote would lead to a transaction would lead to a transaction submitted by one or under the system’s rules. All under the system’s rules. All more other members or submitted quotes in response to submitted quotes in response to participants. The quote is a request for quote may be a request for quote may be executable exclusively by published at the same time but published at the same time but the requesting member not later than when they become not later than when they become or market participant. executable. executable. The requesting member or participant may conclude a transaction by accepting the quote or quotes provided to it on request. Voice trading system A trading system The bids and offers and the TradeCaptureReport(35=AE) transactions between attaching volumes from any VenueType(1430)=V negotiation) members are arranged member or participant which, if through voice accepted, would lead to a negotiation. transaction under the system’s rules Trading system not A hybrid system falling Adequate information as to the TradeCaptureReport(35=AE) covered by first 5 rows into two or more of the level of orders or quotes and of VenueType(1430)=H (Hybrid market) first five rows or a system trading interest; in particular, the where the price five best bid and offer price determination process is levels and/or two-way quotes of
Periodic auction trading system A system that matches orders on the basis of a periodic auction and a trading algorithm operated without human intervention. The price at which the auction trading system would best satisfy its trading algorithm in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments traded on the trading system and the volume that would potentially be executable at that price by participants in that system. For each financial instrument, the at which the auction trading system would best satisfy its trading algorithm and the volume that would potentially be executable at that price by participants in that system. TradeCaptureReport(35=AE) VenueType(1430)=A (Auction driven market) Request-for-quote trading system A trading system where a quote or quotes are provided in response to a request for a quote submitted by one or more other members or participants. The quote is executable exclusively by the requesting member or market participant. The requesting member or participant may conclude a transaction by accepting the quote or quotes provided to it on request. The quotes and the attached volumes from any member or participant which, if accepted, would lead to a transaction under the system’s rules. All submitted quotes in response to a request for quote may be published at the same time but not later than when they become executable. The quotes and the attaching volumes from any member or participant if accepted, would lead to a transaction under the system’s rules. All submitted quotes in response to a request for quote may be published at the same time but not later than when they become executable. TradeCaptureReport(35=AE) VenueType(1430)=N (Quote negotiation) Voice trading system A trading system transactions between members are arranged through voice negotiation. The bids and offers and the attaching volumes from any member or participant which, if accepted, would lead to a transaction under the system’s rules TradeCaptureReport(35=AE) VenueType(1430)=V negotiation) Trading system not covered by first 5 rows A hybrid system falling into two or more of the first five rows or a system where the price determination process is Adequate information as to the level of orders or quotes and of trading interest; in particular, the five best bid and offer price levels and/or two-way quotes of TradeCaptureReport(35=AE) VenueType(1430)=H (Hybrid market)
NEX-Group-FIX-5-0-APA-Specification-v0-6.docx