Trading System

MIT 201 is a Guide to Trading System providing in-depth information on the Millennium Exchange operation, including its general functionality description.

The Millennium Exchange introduction saw backlog to a tenth of the previous trading system. New services were launched since that time, such as Sponsored Access that provides non-members with a direct technical connection to the order books under the sponsoring member company trading codes.

Along with such order types as Hidden, Stop Limit, Iceberg, and Stop Loss, Millennium Exchange has seen the Closing Price Crossing Session introduction. That gives further trading chances at the official closing price for the period of time after the conclusion of the closing auction.

There was only one order type introduced since November 2012, and it was the Passive Only. That is going to ensure the balance of an order to be expired immediately instead of aggressing a visible Offer or Bib on the book. The Passive Only order can be also used by participants to indicate that an incoming order is to be accepted only in the case when it’s priced within an indicated number of visible price points of the dominant BBO (the setting of a new BBO is included).

Business Parameters of the Millennium Exchange

Each Trading Service in-depth operation is ruled by the Rules of the London Stock Exchange and particular Millennium Exchange configuration for that service. Details of the configuration of each trading service include:

  • Basis of opening and closing prices calculation
  • Details of daily trading schedule, timings as well
  • Structure of ruling threshold levels and price monitoring
  • Settlement and publication regime in operation
  • Enabled trade and order types including any minimum size constraints details
  • EMS (market maker obligation sizes) overview
  • Trading Services, including selection criteria comparison