MidPrice Order Book
Enhance your trading execution with Mid-Price Order Book
To view the online demo, please
click here
. You can also find a product fact sheet
here
.
The new MidPrice functionality for the Cash interdealer platform delivers optimal execution experience for the interdealer market.
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Best in class venue for big size execution
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Ability to work orders without “moving the market”
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Attract natural liquidity from the OTC market
Mid-Price Order Book
The MidPrice Order Book ensures the size and side of the quotes are not visible pre-trade. The executable price is always available as the MidPrice is calculated from the MTS Order Book as Bid + ((Ask-Bid)*50%).
The MidPrice Order Book ensures the size and side of the quotes are not visible pre-trade. The executable price is always available as the MidPrice is calculated from the MTS Order Book as Bid + ((Ask-Bid)*50%).
Exceptional reference pricing:
The MTS Best Bid and MTS Best Offer is the basis on which the MidPrice is calculated for the MidPrice Order Book trade executions. The Reference Bid and Reference Offer Prices adhere to anti-gaming rules and cover:
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Minimum levels of depth in Bid and in Offer
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Maximum B/O spread of reference prices
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Best Bid and Best Offer prices chosen if they have been in the MTS Order Book for a minimum time
Minimum Execution Size (MES1):
This is the size set by the Governance that has to be met or exceeded for an execution to occur.
Participants can also choose a higher Minimum Execution Size (MES2).
MidPrice Crossing:
Mid-Price Crossing is a method of trading within the Mid-Price Order Book where Orders are matched against one another using the MidPrice as Execution Price.
Orders only match at Mid-Price
No interaction with the MTS Order Book
Orders/trades are tagged as MidPrice orders/trades
MidPrice crosses occur continuously as soon as two Fill-and-Store orders or a Fill-and-Store order and a Fill-or-Kill order with opposite side and compatible size enter the Mid-Price Order Book