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Question

What do you mean by 'Publicly display order'?

Answer

MiFID regulations require us to display Limit orders which meet the criteria shown below, unless a client requests that their order is not displayed.

The published list is available online for the public to view, but is aimed at Retail Service Providers (RSPs). If the Limit price of an order cannot be met automatically, an RSP may want to match this trade by meeting the Limit price.

Please note that no personal or client identifying information will be displayed publicly. The information displayed online, relates only to the order, and will be: Buy or Sell; stock EPIC; stock name; quantity; price; trade currency; total consideration and counterparty code.

Only Limit orders which meet the criteria below will be displayed:

  • The order is a Buy/Sell
  • The order is for one of the following security types - equities traded on FTSE, AIM, ISDX; Exchange Traded Funds (ETFs) and iShares; IRS European stocks; cumulative preference shares; PIBs; or other overseas securities.
  • The order is not ‘significantly large in scale’, ie the total consideration is below the appropriate size band for the Average Dealing Turnover of the stock (see table below for these bands)

Orders will be displayed from 5 minutes after an order is placed or amended. A client can edit the order at any time before it’s dealt, and change whether or not it is publicly displayed.

ADT
Minimum size of order qualifying as 'large in scale'
Up to €500,000
€50,000
€500,001 - €1,000,000
€100,000
€1,000,001 - €25,000,000
€250,000
€25,000,001 - €50,000,000
€400,000
Over €50,000,000
€500,000

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