Access a diverse universe of liquidity provision

London Stock Exchange’s fully automated workflow brings together access to a diverse universe of liquidity provision, on-exchange and with Central Counterparty Clearing. Functionality will be supported for all CCP-cleared Equities, ETPs and Depositary Receipts.

RFQ Explained

Auto-complete RFQ Platform (Equities, ETPs and DRs) requiring no manual intervention

1

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Automated workflow via smart order router or dedicated liquidity seeking algo.

Buy 500k ABC plc, 495 limit

Requester choice: named vs unnamed expiry time

2

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Request for quote in 500k ABC plc

Side, price limit and requestor identity is not transmitted (unnamed model)

3

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4

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Liquidity Provider responds within required period with one-way or two-way price.

Prices in 500k ABC plc

5

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Exchange filters for offers within price limit
Matches against best price, time priority.

Fill or nothing done

Liquidity Provider identity not transmitted

6

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Auto-completes

Fill or nothing done

6.1

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f

Fill or nothing done

Liquidity Provider identity not

6.2

Click to reveal

Fill or nothing done

6.3

Click to reveal

If filled, trade reported as on-exchange and sent to clearing.

Key Points

Fully automated process designed to fit within existing electronic workflow

Trades conducted
on-exchange under the rules of the London Stock Exchange

Access to a broad and diverse universe of liquidity provision, offering aggregated within one platform

On book, on-exchange activity with Central Counterparty Clearing (CCP)

Named and unnamed models available offering choice and control over counterparty selection

Functionality will be supported for all
CCP-cleared order book Equities, Depositary Receipts and ETPs

Follows MiFID II
pre-trade transparency rules

RFQ activity monitored by London Stock Exchange Market Surveillance

Find Out More

If you have any questions, please contact the London Stock Exchange Equity Team on
+44(020) 7382 7650 or lse-rfq@lseg.com