Annex II
Table 1 Information to be made public in accordance with Article 17
|
Type of system |
Description of system |
Summary of information to be made public, in accordance with Article 17 |
|---|---|---|
|
Continuous auction order book trading system |
A system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with matching buy orders on the basis of the best available price on a continuous basis. |
The aggregate number of orders and the shares they represent at each price level, for at least the five best bid and offer price levels. |
|
Quote-driven trading system |
A system where transactions are concluded on the basis of firm quotes that are continuously made available to participants, which requires the market makers to maintain quotes in a size that balances the needs of members and participants to deal in a commercial size and the risk to which the market maker exposes itself. |
The best bid and offer by price of each market maker in that share, together with the volumes attaching to those prices. |
|
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 and the volume that would potentially be executable at that price. |