Service Definition TRADING AND INFORMATION SERVICES - Issue 14
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Service Definition
TRADING AND
INFORMATION SERVICES
Issue 14
Title: SERVICE DEFINITION –
TRADING AND INFORMATION SERVICES
Ref No: TIS101
Issue: Issue 14
Date: December 2006TIS101
This confidential document is the property of The London Stock
Exchange plc trading as the London Stock Exchange and neither the
document nor its contents may be disclosed to a third party, nor may it
be copied, without the London Stock Exchange’s prior written consent.
The Exchange endeavours to ensure that the data and other material in this
publication are correct and complete but does not accept liability for any
error herein or omissions herefrom. The development of Exchange products
and services is continuous and published information may not be up to date.
It is important to check the current position with the Exchange.
The following are trade/service marks of the London Stock Exchange:
UK Trades International Trades
UK Bests International Bests
UK Orders and Quotes International Quotes
UK Official List Infolect
EXTRANEX RNS
TM
TradElect SETSqx
SETS SETSmm
SEATS
SEAQ EUROSETS
Amendment To indicate the location of an amendment within the text of this issue, a
right-hand marginal rule is placed alongside the amended part of the text
Indication (as shown against this paragraph). This indication will only appear in issues
subsequent to Issue 1. Also, these amendment indications will only apply to
changes introduced from one issue to the next. All amendment indications
from earlier issues will be deleted.
Copyright © 2006 London Stock Exchange plc. All rights reserved. No part of the publication may be
reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic,
mechanical, photo-copying, recording or otherwise without the prior permission of the copyright owner.
2 Copyright 2006 London Stock Exchange plc Issue 14TIS101
PREFACE
This publication, together with its associated publications, describes the
trading and information services provided by the London Stock Exchange.
Associated This document is one of four printed specifications, supplied as a set, to
support the Exchange's trading and information services. The other three
Publications printed documents are:
Interface Specification (Ref: TIS102)
Network Specification (Ref: TIS103)
Data Formats (Ref: TIS104)
In addition, the Exchange will publish the following document, but in
electronic form only.
Market Configuration Matrix (Ref: TIS105)
This Interface Specification has been written to explain generic messages
and functions and is predominantly message version independent. Where
messages do have multiple message versions, readers are advised to refer
to the 'Message Layouts' section of Data Formats TIS104.
Copies of these documents and further information can be obtained from the
technical library on the London Stock Exchange web site at
http://www.londonstockexchange.com/en-gb/products/membershiptrading/techlib/
This document provides a high level overview of the Exchanges’ Trading and
Information services only. Readers who require a more detailed
understanding of these services should refer to the ‘Guide to Trading
Services’ document which is available on our website at
http://www.londonstockexchange.com/NR/rdonlyres/C50E4770-12CE-4FB7-8058-0752C44F790F/0/GuideToTradingServicesv70.doc
Issue 14 Copyright 2006 London Stock Exchange plc 3TIS101 4 Copyright 2006 London Stock Exchange plc Issue 14
TIS101
Table of Contents
Section Page
1 INTRODUCTION 7
1.1 The Service Definition 7
1.2 Service Changes 8
1.3 Readership 8
1.4 Enquiries 8
1.5 Web Site 8
2 TRADING SYSTEM AND SERVICES 9
2.1 Introduction 9
2.2 Trading Infrastructure 9
2.3 Trading Interface 10
2.4 SETS - Service Content 11
2.5 SETSmm - Service Content 12
2.6 SEAQ - Service Content 12
2.7 SEATS PLUS - Service Content 13
2.8 SETSqx Service Content 13
2.9 International Order Book – Service Content 13
2.10 International Retail Service – Service
Content 14
2.11 International Bulletin Board 14
2.12 Covered Warrants – Service Content 15
2.13 Exchange Traded Funds 15
2.14 Exchange Traded Commodities 15
2.15 Multiple Markets 16
2.16 Own Order Book Download – Service
Content 16
2.17 Own Trades Book Download – Service
Content 17
3 BROADCAST SERVICES – INFOLECT 19
3.1 Introduction 19
3.2 Information Feed - Infolect 19
3.3 Interfaces used for the Broadcast Services 20
3.4 Infolect Service Content - Service Channels 21
3.4.1 UK Level 1 22
3.4.2 UK Level 1 Plus 23
3.4.3 UK Level 2 24
3.4.4 UK Reference Data 25
3.4.5 International Level 1 26
3.4.6 International Level 1 Plus 27
3.4.7 International Level 2 28
3.4.8 International Reference Data 29
3.4.9 Dutch Trading Service Level 1 30
3.4.10 Dutch Trading Service Level 1 Plus 31
3.4.11 Dutch Trading Service Level 2 32
3.4.12 Dutch Trading Service Reference Data 33
Issue 14 Copyright 2006 London Stock Exchange plc 5TIS101
Section Page
3.4.13 Covered Warrants Level 1 34
3.4.14 Covered Warrants Level 1 Plus 35
3.4.15 Covered Warrants Level 2 36
3.4.16 Market Status Indicators 37
3.4.17 Market Reference Data 38
3.4.18 RNS News 39
3.4.19 DOL (Full) 40
3.4.20 DOL (Changes) 40
3.5 Infolect Service Content -
Broadcast Data Groups 41
3.5.1 JSE Orders 41
3.5.2 JSE Market Status Indicators 41
3.5.3 JSE/NSX Trades 42
3.5.4 JSE Intra-day Prices 43
3.5.5 JSE VWAP 43
3.5.6 JSE News Service 44
3.5.7 FTSE/JSE Africa Indices 45
3.5.8 Public Order Book Download 45
3.5.9 African Market Rules (Full Download) 46
3.5.10 African Market Rules (Changes) 46
3.5.11 African Market Reference Data
(Full download) 47
3.5.12 African Market Reference Data (Changes)48
3.5.13 NSX Market Data 48
3.5.14 Market Reference Data (Full) 49
3.5.15 Market Reference Data (Changes) 49
3.5.16 Message Retrieval 50
4 ACCESS TO SERVICES 51
4.1 Introduction 51
4.2 Main Connection Options 51
5 AVAILABILITY OF THE SERVICE 55
5.1 Service Operation 55
5.2 Service Support 55
5.3 Service Hours 55
5.4 Your Comments 56
APPENDIX A - GLOSSARY OF TERMS A-1
APPENDIX B - BRIEF SERVICE SUMMARY B-1
APPENDIX C - SERVICE TO SERVICE CHANNELS
AND JSE BDGS – CROSS
REFERENCE C-1
APPENDIX D - SERVICE CHANNEL MESSAGE
MAPPING D-1
6 Copyright 2006 London Stock Exchange plc Issue 14TIS101 INTRODUCTION
SECTION 1
INTRODUCTION
1.1 The Service This document provides an overview of the Exchange's trading and
information services.
Definition
The systems are based on an open architecture and generic business
infrastructure. All Exchange information and trading systems are accessed
through three common interfaces using standard data formats and are
delivered via the Exchange's network. This allows flexibility to adapt rapidly
to future trading requirements.
The three generic interfaces are:
• the broadcast interface - for bulk delivery of information to subscribers
• the interactive request interface - for re-requesting broadcasts from
our information service and for Own Order Book downloads and Own
Trades Order Book download (OTBD)
• the secure interactive interface - for entering transactions to the
Exchange’s trading system.
Please refer to TIS102 (Interface Specification) for detailed information of
these interfaces.
Trading
The following trading Services are currently available on the Exchange’s
trading system:
• UK equities - ordinary shares issued by UK companies, traded on the
order book of SETS and SETSmm, the quote-driven trading service of
SEAQ, the quote and order driven service of SETSqx and the
International Retail Service
• International equities - there are currently both Global Depositary
Receipts (‘GDRs’) and American Depositary Receipts (‘ADRs’) traded on
the International Order Book. International equities are also trading on
ITBB, mostly from Asia. This service is segmented into ‘ISD regulated’
and ‘non-ISD regulated’ segments. EUROSETS is an order-driven
trading service offering a competitive secondary market trading in liquid,
large and mid-cap Dutch equities
• AIM securities - shares and fixed interest stocks of companies admitted
to the AIM market, quoted on SETSqx, SEAQ and SETSmm
• UK gilts - securities issued by the UK Government, traded by Gilt-Edged
Market Makers (GEMMs)
• Sterling bonds - issued by companies or local authorities, quoted on
SEAQ
• Eurobonds and medium-term notes - issued by UK and international
companies
• Covered warrants - a warrant issued by a party other than the issuer or
originator of the underlying asset
• Depositary receipts - negotiable certificates traded on the International
Order Book
• Exchange traded funds - Simple, low-cost and flexible investments that
track indices and sectors in the UK, US and European markets
Issue 14 Copyright 2006 London Stock Exchange plc 7INTRODUCTION TIS101
• Exchange traded commodities - dedicated SETSmm market segment for
products such as oil and gold bullion and supported by registered market
makers providing liquidity.
Information
All broadcast data is currently disseminated to subscribers via Infolect. This
delivers significant benefits to customers, reinforcing our commitment to
provide extensive and high-quality market data services.
Infolect provides a number of broadcast services that disseminate order and
quote details, trade reports and added value information. Subscribers have
the flexibility to choose the broadcast services that meet their individual
requirements without having to subscribe to them all.
Section 3 provides a description of each of the broadcast services in detail.
This guide has been amended to incorporate all service changes made since
1.2 Service TM
September 2005, including the introduction of TradElect , SETSmm
Changes expansion, FTSE classification changes, the introduction of Exchange traded
commodities and the decommissioning of Broadcast Data Groups (BDGs).
The Service Definition is intended for Technical personnel who require an
1.3 Readership overview of the Trading and Information Services and an understanding of
how to implement the services within their organisation.
The Service Definition should be read in conjunction with the Exchange's
other technical specifications: Interface Specification (Ref: TIS102), Network
Specification (Ref: TIS103) and Data Formats (Ref: TIS104).
The Exchange may also publish updates to the technical information
contained in this document via Service Announcements. These are
available on our website
http://www.londonstockexchange.com/en-gb/products/membershiptrading/techlib/servannounce/serviceannouncements.htm
1.4 Enquiries Please contact the Technical Information Desk if you require further copies of
this document or related documentation. The Technical Information Desk
should also be contacted if you have technical enquiries about the trading
and information services. All enquiries should be addressed to:
Technical Information Desk
nd
2 Floor
London Stock Exchange
10 Paternoster Square
London
EC4M 7LS
Telephone: +44 207 797 3939 or STX 33939
Questions may also be submitted via e-mail to:
CTGroup@londonstockexchange.com
1.5 Web Site The technical documentation is available on the technical library of the
London Stock Exchange Web Site.
http://www.londonstockexchange.com/en-gb/products/membershiptrading/techlib/
8 Copyright 2006 London Stock Exchange plc Issue 14TIS101 TRADING SYSTEMS AND SERVICES
SECTION 2
TRADING SYSTEM AND SERVICES
2.1 Introduction Section 2 presents an overview of the Exchange’s trading system and the
services that are currently supported. Readers who require a more detailed
understanding of these services should refer to the ‘Guide to Trading
Services’ document which is available on our website at:
http://www.londonstockexchange.com/NR/rdonlyres/EC177CD0-839C-42A0-B853-5727DC6D272A/0/2426.doc
2.2 Trading The trading system is based upon a common business infrastructure which
has the following components:
Infrastructure
• Market
• Market Segments
• Market Segment Rules
• Market Sectors
• Tradable Instruments in Market Segments
• Member in Segment
• Period Rules
These components are described in more detail in Section 3 of the Interface
Specification (Ref: TIS102).
In summary, the Exchange has the ability to configure a number of system
rules which, when applied, allow for flexible trading environments. This
approach allows for the combination of sets of different rules (governing, for
example, trade publication, minimum and maximum quote and order sizes,
execution rules) into market segments, so that different market segments
can be established and operated according to different conventions, as
market and regulatory conditions require.
The architecture and application components that deliver the infrastructure of
the trading system, and the secure interactive interface across which access
is provided, combine to form the basis of all the Exchange's trading services.
All of the trading services are provided from a single technical platform,
across a single interface, and can only be accessed remotely across this
interface.
The trading facilities within the system provide scope for combining system
functions in a range of different ways that can be used to provide additional
trading services - or to refine existing ones as the demand arises.
Issue 14 Copyright 2006 London Stock Exchange plc 9TRADING SYSTEMS AND SERVICES TIS101
2.3 Trading All Trading Services are provided over the Secure Interactive Interface. This
interface is used exclusively for the communication of messages between
Interface participants and the trading system. Some of the key features of the secure
interactive interface are as follows:
• Messages are authenticated
• Requests cannot be cancelled
• Each request has a single response
• The Exchange system may send unsolicited messages
For more information about the trading interface please refer to Interface
Specification document (Ref: TIS102).
Participants log-on to the trading system via the secure interactive interface
and submit request messages. Each request message from a participant is
immediately authenticated and if authentication is successful, acknowledged
by a response message. In addition, the Exchange system is able to send
the participant unsolicited messages that relate to events within the trading
system affecting the participant, for example, execution of an order the
participant had previously entered. The participant must acknowledge the
unsolicited message on receipt.
The response messages are returned on the same connection as the
request message was sent. Response messages will be returned as the
Exchange completes the processing of a particular message. These
responses may be returned in a different sequence from that of the original
request messages. The message reference number allows the participant to
match the response with the corresponding request message.
If there are multiple active connections for the same USAP then unsolicited
messages will be spread across them.
10 Copyright 2006 London Stock Exchange plc Issue 14TIS101 TRADING SYSTEMS AND SERVICES
TM
2.4 SETS – Service The SETS order book on TradElect , includes the FTSE 100, the most liquid
FTSE 250 securities, equities that have a LIFFE traded equity option. The
Content order-driven trading system helps to meet the needs of today's market users
and plays a vital part in maintaining London's position as Europe's leading
financial centre. It ensures that London is equipped to handle the huge and
growing volumes of business that are transacted on its markets - allowing
market users to trade efficiently and cost-effectively.
Order Types
TM
There are three different types of order that apply to SETS on TradElect
• limit order - a priced persistent order which will remain on the order book
until it expires, is deleted or is fully executed against incoming orders
• market order - an unpriced persistent order which will remain on the
order book until it expires, is deleted or is fully executed against
incoming orders. Market Orders are only enabled for entry in the call
period of an auction
Please note that all un-priced orders left on the book after the
uncrossing process has completed are automatically removed prior to
continuous trading beginning
• Iceberg order - a priced persistent order that will remain on the book until
it expires, is deleted or is fully executed against incoming orders.
Participants must populate the price, ‘total’ size and ‘peak’ size. The
peak size is the volume of the order that is visible and appears to the
market as a limit order. It will always be less than or equal to the total
size of the Iceberg order. The total size minus peak size equals the
amount of volume that is hidden from the market. When a peak is fully
executed it is replaced by a new peak from the hidden volume until the
iceberg is fully matched, modified or deleted.
The AD version of the 5EO Enter Order message uses a market mechanism
to identify a combination of both the order type (eg Limit Order), and its
execution type (eg Fill or Kill - Aggressive Type B). The new AE version of
the 5EO Enter Order message explicitly uses a new ‘Validity Type’ field to
describe the execution constraints of an order. Validity can be categorised
into three different types; execution based validity (eg Execute and
Eliminate), time based validity (eg Good Till Time) and period based validity
(eg at the close).
Both limit and market orders are persistent and are displayed anonymously.
Please note that all un-priced orders left on the book after the uncrossing
process has completed are automatically removed prior to continuous
trading beginning. They are displayed anonymously. Incoming orders, which
can only be submitted by SETS participants, are executed against them.
Orders are executed in strict priority of price and time so that, at a given
price, the oldest orders are executed first.
The new Period based validity type introduces the concept of Parked Orders,
allowing both the entry and removal of the order to be based upon a specific
period based transition. An order submitted by a Participant will be held in
the system until the applicable period is reached, at which point it is passed
onto the order book. Whilst the order is held by the system it is not publicly
visible and does not participate in continuous trading/auctions. However, it
may still be modified and deleted. Whilst parked, the order will maintain time
priority in line with all other orders that have been parked for that particular
instrument. Also, when modified, it follows the same rules as it would on the
order book to determine whether price/time priority is maintained.
As the period becomes effective the order will be ‘injected’ into the order
book as if the Participant had at that point submitted the order themselves.
The order will then either execute against any valid orders or remain on the
book. The transitioning of the period can also control the removal of the
Issue 14 Copyright 2006 London Stock Exchange plc 11TRADING SYSTEMS AND SERVICES TIS101
order, if it has not already been fully executed. Validity types such as ‘At the
Open’ (ATO) will be entered at the start of the Auction Call period and if not
executed, removed before transitioning into continuous trading.
Orders may be modified by changing the absolute price and/or the relative
size of the order. The current system will also allow the modification of an
order’s Participant Reference, Date/Time Validity and/or Client Reference
without also having to change either the price or size, or losing time/price
priority.
An incoming order may execute against many orders on the book.
Trades generated from automatically executed orders are published
immediately and automatically. No separate trade report is required.
The information presented here and throughout the remainder of section 2 is
meant to give a brief outline of the trading services that are available on our
systems. Readers should refer to our ‘Guide to Trading Services’ document
for a more in depth understanding of how these services operate.
2.5 SETSmm – SETSmm is similar to the SETS order book. The main difference is that price
formation centres around a central order book with registered market makers
Service Content entering Enhanced Executable Quotes providing two-way prices during the
mandatory trading period (08:00 – 16:35).
Market makers are obliged to provide prices and liquidity throughout the
trading day according to the same principles as today on SEAQ.
SETSmm is the London Stock Exchange’s trading service for Mid Cap, Small
Cap, Dual Listed Irish Securities and the constituents of the AIM 50 index. By
combining the best features of the existing SETS and SEAQ trading services,
SETSmm appeals to market users who want to trade electronically, as well
as those customers who use the market making system.
2.6 SEAQ – Service SEAQ provides an automated quotations service for domestic UK securities
not included in SETS, SETSmm or SETSqx. In common with all the trading
Content services, access to SEAQ is via the secure interactive interface and it
supports the following key functions:
• Quote entry, maintenance and closure by registered market makers
using enhanced quotes with a ‘FQ’ market mechanism
• Trade report entry and correction
The service continues to support the operation of the competing market
maker mechanism in the UK.
The FQ enhanced quote provides the convenience of a single message for
submission of a two-way price and does not interact with the order book in
any way and is treated purely as a price display mechanism. Registered
market makers are also able to close individual quotes or all quotes in a
market segment.
SEAQ supports the entry of trade reports in domestic securities. All delayed
trade processing is automated, so that block trades can be reported
electronically to the Exchange and an electronic pre-release facility is
provided to allow participants to automate the early release of block trades
when unwound according to the Exchange's rules.
12 Copyright 2006 London Stock Exchange plc Issue 14TIS101 TRADING SYSTEMS AND SERVICES
TM
2.7 SEATS PLUS - This service will no longer be available when TradElect goes live. These
securities will be transferred to SETSqx as part of the Exchange’s
Service Content commitment to align it's trading services. For more information please refer
to the SETSqx service and technical description available at:
http://www.londonstockexchange.com/NR/rdonlyres/88F86AF1-24B2-407E-953B-09BA305CE1CE/0/SETSqxServiceTechnicalGuide.pdf
SETSqx will have similar functionality to the SEAQ quote based market
2.8 SETSqx – model with the addition of an order display facility that periodically uncrosses
Service Content (to enable compliance with MiFID requirements). Unlike SETS and SETSmm,
this service is not designed to support continuous order book trading.
Market makers will continue to provide non-electronically executable quotes
and liquidity throughout the trading day according to the same rules as on
SEAQ. Today brokers either need to phone market makers or use their
proprietary RSP systems to execute their business. SETSqx will additionally
offer the opportunity to enter orders into the central trading system so
satisfying MiFID limit order display requirements and provide the option to set
their own price. Both named and anonymous order entry are supported by
SETSqx.
2.9 International The International Order Book is a fully electronic, ‘SETS style’ trading service
provided by the London Stock Exchange to support trading in Global
Order Book – Depositary Receipts and American Depositary Receipts.
Service
Content The International Order Book is a trading service operated by the London
Stock Exchange and is available to all member firms.
The International Order Book supports all SETS order types with the addition
of a named order type. Named orders make use of the Committed Principal
(CP) order type to identify the participant behind the order.
Named Orders work similarly to a limit order on the order book. These
orders can only be input in a principal dealing capacity. All other order types
are able to execute against a named order.
Certain sectors within IOB are auction only sectors. In these sectors
continuous execution is disabled and the order operates as a continuous
auction call with three uncrossing periods a day. These are currently at
11:00, 14:00 and 15:40.
Issue 14 Copyright 2006 London Stock Exchange plc 13TRADING SYSTEMS AND SERVICES TIS101
2.10 International The International Retail Service (IRS) is a quote-driven trading service for
international equity market securities. This service operates in the same way
Retail as SEAQ. In addition to the key features of the quote book the following
Service – characteristics also apply to IRS:
Service
Content • Market makers will replace liquidity providers and provide prices in
European and US bluechip securities in sterling
• All securities are quote-driven
• Settlement will take place in CREST Depositary Interest (‘CDI’) form at
the domestic UK tariff
• Full coverage of the following indices: NASDAQ 100, AEX, SMI, CAC40,
DAX30, MIB30, Eurostoxx 50, FTSE Eurotop 100, DOW JONES IA 30
(excluding Walt Disney)
This service is split into 'ISD regulated' and 'non-ISD regulated' segments.
This differentiation has been introduced to allow for clear identification of
those securities captured by the suite of directives being implemented over
the next few years as part of the European Union’s Financial Services Action
Plan (FSAP).
Securities admitted to trading in the ISD regulated segments will be, in the
main, those with a listing with an EU competent authority. These securities
will become subject to the suite of FSAP Directives as they are implemented
over time.
Securities which are not listed within the EU need not be admitted to a
regulated market and will not be subject to European (ISD) regulation.
Note that there is no difference in the operation of the ISD and non-ISD
regulated segments, and the differentiation is not applied to the trading day
model. It is purely a mechanism for the differentiation between securities that
are subject to different levels of European regulation.
For more information on this service please refer to our Guide to Trading
Services, available at
http://www.londonstockexchange.com/NR/rdonlyres/C50E4770-12CE-4FB7-8058-0752C44F790F/0/GuideToTradingServicesv70.doc
2.11 International The International Bulletin Board (ITBB) is part of the International Order
Book (IOB) market offered by the Exchange for equity trading. Whilst offering
Bulletin Board the same advantages of electronic execution as that of IOB, this mechanism
also offers the opportunity for participants to register as Market Makers to
support trading liquidity.
Certain sectors within ITBB are auction only sectors. In these sectors
continuous execution is disabled and the order book operates as a
continuous auction call with three uncrossing periods a day. These are
currently at 11:00, 14:00 and 15:40.
Unlike IOB which uses Named Orders, ITBB uses the new 5EQ Enter
Enhanced Quote messages. The enhanced quote can continue supporting
the existing (nonexecuting) firm quotes in addition to the new functionality as
follows. The enhanced quote provides the convenience of a single message
for submission of a two way price, but has the added advantage of treating
the two prices as individual executable objects. This results in behaviour
more closely resembling an order, and makes it possible to choose whether
the quote is executable or not. This is achieved through the ‘Market
Mechanism Type’ that must specify either ‘EQ’ for an executable quote or
‘FQ’ for a (nonexecutable) firm quote.
14 Copyright 2006 London Stock Exchange plc Issue 14TIS101 TRADING SYSTEMS AND SERVICES
2.12 Covered The Key elements of the Covered Warrant Service are as follows:
Warrants –
Service Content Trading takes place in a continuous execution environment where liquidity
providers known as Committed Principals (CPs) have an obligation to
provide two way prices throughout the trading day and for the lifetime of the
covered warrant. Other market participants can execute against these
orders. In effect, this provides an automated ‘market making’ model.
Prices will be subject to a price monitoring check before execution takes
place. If a price is entered that is more than a specified value away from the
previously traded price, a suspension will be triggered
The market model for covered warrants has the following characteristics:
• a pre-trade, “price-orientation” period between 8:05 and 8:15.
Executable Enhanced Quotes can be entered or deleted during this
period.
• a Mandatory Committed Principal period from 8:15 – where market
participants can only enter aggressive orders, executing against
Executable Enhanced Quotes, for US based warrants the mandatory
period starts at 14:45, however execution is enabled from 08:15 for
aggressive order types
• if the underlying security on which the warrant is based is subject to a
temporary suspension of automatic execution, the warrant will not be
suspended
• all markets close at 16:30 with the exception of European based
warrants where the market closes at 16:00. However if Executable
Enhanced Quotes are still open after 16:00 in these European warrants
full execution of aggressive order types is enabled. Closing prices for
European warrants will be frozen at 16:00 and not 16:30.
• after the market close, all Executable Enhanced Quotes will be
automatically deleted.
Please refer to the Covered Warrant Technical Guide on the London Stock
Exchange Web site for additional information.
2.13 Exchange Exchange Traded Funds (ETFs) give private investors the chance to buy
whole indices as easily as buying a share on the London Stock Exchange.
Traded Funds This creates real opportunities – widening the reach of portfolios and making
top-down investment more cost-effective. For brokers, ETFs also present a
growing opportunity – to offer an attractive new product that trades and
settles in exactly the same way as shares.
ETFs are in the ETFS segment which is a SETSmm type environment. This
allows price formation around a central order book with registered market
makers entering executable enhanced quotes providing two-way prices
during the mandatory trading period (08:00 – 16:45).
All business executed via the ETFS order book will be covered by the
existing Central Counterparty (CCP) Service for Equities with settlement
netting.
2.14 Exchange The trading mechanism for ETCs is the same as the ETF segment in every
respect and will support products such as gold bullion and oil. Trades will be
Traded cleared by the clearer.
Commodities
Issue 14 Copyright 2006 London Stock Exchange plc 15TRADING SYSTEMS AND SERVICES TIS101
2.15 Multiple The London Stock Exchange supports the markets of additional exchanges
through the provision of its technology services.
Markets
The Exchanges Trading and Information Systems support multiple market
functionality to facilitate:
• the sharing of reference data
• local time conversion
• access to the systems on public holidays
Additional market specific functionality will also be supported where required.
The Exchange supports the JSE Ltd (“JSE”). Trading on the Namibian Stock
Exchange (“NSX”), for whom the JSE currently provide technology, is also
supported by the LSE.
A detailed Market and Trading functionality overview for the JSE and NSX
markets can be found at:
http://www.jse.co.za/jse_initiatives/jsetrad_info_sys/tradindex.htm
2.16 Own Order Book Participants are able to download details of all their own orders currently
held on the central order book. Order details in all relevant trading services
Download – are transmitted via the interactive interface in ascending order code
Service Content sequence. This facility provides opportunities for reconciliation of central
and local order book details, and provides scope for full recovery in the event
that a participant should lose all or part of their order book held on their own
systems.
This service uses the Interactive Request Interface. This interface is briefly
described in section 3.3. For detailed information please refer to the
Interface Specification TIS102.
The interactive request interface allows subscribers to log-on to the
Exchange's system and submit interactive request messages. The
Exchange system supports re-requests of broadcast messages by
subscribers through the Message Retrieval service.
To use the Own Order Book Download service, the user must be a market
participant. A market participant is a user entering information, for example
limit orders. The responses to the request message details all orders that the
participant had open on the Exchange's Order Book at the time of the
request.
16 Copyright 2006 London Stock Exchange plc Issue 14TIS101 TRADING SYSTEMS AND SERVICES
2.17 Own Trades The OTBD is a service offering similar functionality to the current Own Order
Book Download (OOBD). This will give a Trader Group the ability to request
Book Download a download of their own trade reports, providing they still reside on the
– Service system. The request may be filtered by specifying any of the following
Content conditions:
• Date: The request must be for a trade date that is within the period that
trades are stored on the trading system – currently 3 working days. This
is a mandatory field.
• Instrument: The request may be specific to a particular instrument, which
if used must include the Country of Register and Currency Code.
• Trade Status: The request may specify trades of a particular status; if it
is matched, cancelled or awaiting cancellation.
• Execution Type: The request may specify to include automatic trades,
manual trades or both.
• Client Reference Code: The request may specify a client reference
code. Manual trades will only populate the first 15 characters of this 30
character field.
Issue 14 Copyright 2006 London Stock Exchange plc 17TRADING SYSTEMS AND SERVICES TIS101 18 Copyright 2006 London Stock Exchange plc Issue 14
TIS101 BROADCAST SERVICES – INFOLECT
SECTION 3
BROADCAST SERVICES – INFOLECT
3.1 Introduction This section presents an overview of the information feed and interfaces that
make up the Exchange’s Information system and then gives a description of
each of the Broadcast services that are currently available over this feed.
3.2 Information Broadcast services are currently provided to subscribers over the
Exchange’s digital information feed known as Infolect. Subscribers to these
Feed – Infolect services are able to receive broadcasts and re-request messages.
The information disseminated over the broadcast feed by the Exchange is
divided into a number of logical services. Each service consists of one or
more service channels, with each service channel being made up of one or
more message types. Messages are broadcast in real-time, as they are
generated.
JSE customers use Broadcast Data Groups instead of Service Channels.
Subscribers receive broadcast and interactive data on the same physical line
up to the maximum bandwidth that has been configured for that subscriber.
Broadcast data and Interactive services do not affect each other.
Service Channels are recoverable. Authorised subscribers are able to
request the re-transmission of any missed broadcast message using the
Message Retrieval service (see Interactive Request Interface in the Interface
Specification, TIS102 guide).
Messages in Broadcast Services
In order to reflect the flexibility of the trading system service channels are
structured to include all messages it would be possible to use, given the
range of trading functionality available. However, not all messages within a
service channel will be used at any given time. The messages that can be
sent down each service channel are detailed in later sections. Additional
information on individual messages is detailed in the Data Formats
document (Ref: TIS104).
Issue 14 Copyright © 2006 London Stock Exchange plc 19BROADCAST SERVICES – INFOLECT TIS101
3.3 Interfaces used Bulk delivery of information to subscribers is provided via the Broadcast
Interface. Please refer to Section 1 of the Interface Specification guide
for the TIS102 for more details of this interface.
Broadcast
Services Subscribers can re-request broadcast messages via the Interactive Request
Interface. Please refer to Section 2 of the Interface Specification guide
TIS102 for more details of this interface.
The interactive request interface allows subscribers to log-on to the
Exchange’s system and submit interactive request messages. The re-
request of broadcast messages by subscribers is supported through the
Message Retrieval service. Market participants may request details of all
their open orders using the Own Order Book Download service. Market
participants may request details of all their trades still residing on the trading
system using the Own Trades Book Download service.
Each request message from a subscriber is immediately acknowledged by a
reply message. The reply may be followed by a sequence of further
messages, which are not acknowledged by the subscriber. In addition, the
subscriber is able to cancel a request that has not been completely
processed.
If a number of request messages are sent in, only one is satisfied at a time.
The subscriber can assign a priority to each request message. The message
priority is used to determine which of the subscriber's requests to satisfy first.
If two request messages have the same priority, they are processed in the
order in which the Exchange receives them. A more recent higher priority
request message is processed before any lower priority requests are
completed.
Broadcast data is controlled and enabled by the Exchange and will never run
beyond the bandwidth supplied to a customer by the Exchange. Interactive
traffic is dependent on the volume of request messages submitted by a
subscriber and the bandwidth available.
20 Copyright 2006 London Stock Exchange plc Issue 14TIS101 BROADCAST SERVICES – INFOLECT
3.4 Infolect Service This section provides an overview of each of the Service Channels that will
be available across the Infolect feed. The summary tables detail the
Content – bandwidth and the message types that make up each Service Channel.
Service
Channels
• UK Markets
SETS, SETSmm, SEAQ, SETSqx, AIM and other daily official list
securities
• International Markets
The International Order Book (IOB), the International Bulletin Board
(ITBB) and the International Retail Service (IRS)
• The Dutch Trading Service
The constituents of the AMX and AEX indices, traded on the London
Stock Exchange
• Covered Warrants
Retail derivative market traded on a central order book
• Level 1
Includes Cumulative Volumes, High/Lows, Trade Reports, Best Prices,
VWAPs and Uncrossing Price messages
• Level 1 Plus
Includes Return Measures, Alphas/Betas, Buy/Sell Percentage, Market
Share messages and Enhanced Best prices
• Level 2
Includes all Enhanced Quote Details, Orders Details and Deletions and
Expiries, Period messages, Market Status Information, Member Role in
Instrument, the Announcement Message, Ex-Marker Status and
Uncrossing Completed and Uncrossing Price messages
• Reference Data
Equity Background Data and Instrument Trading Data, Member in
Segment, Segment and Sector Description, Trade Type for Segment,
Tick Size Matrix for Segment/Currency, Opening Price and Closing
Price messages
Market Status Indicators
Tradable Instrument Control, Market Status Information, Member Role
in Instrument, Period Change and Uncrossing Completed messages
• Market Reference Data
Member Details, Market Description, Settlement Venue information,
Period Rules for Market Mechanism and Validity Type and Period
Extensions
RNS
Missing Data, News Control, Text, Service Trailer and Service Header
messages
• DOL
The DOL Quotation message
Issue 14 Copyright © 2006 London Stock Exchange plc 21BROADCAST SERVICES – INFOLECT TIS101
3.4.1 UK Level 1
UK Level 1 disseminates Level 1 information for all UK Markets excluding
Covered Warrants. This includes SETS, SETSmm, SEAQ and SETSqx.
This service comprises the base Level 1 data (Best Price, Trades and
Uncrossing Price) and Level 1 derived data (Cumulative Volume, Number of
Trades, Mid High Low, Trade High Low and VWAP from Trades). The Level
1 service also disseminates messages that indicate whether an RNS
Announcement message has been sent for an instrument (Announcement
Message) and indicate if an instruments Ex-Markers have changed.
Service Name Service Channel Message Rates
UK Level 1 S01 399 messages per
second
3.4.2 (approx. 582 kbps)
MESSAGE TYPES THAT MAY BE BROADCAST OVER THIS SERVICE CHANNEL:
5DV Cumulative Number and Volume of Trades
5EM Ex Marker Status
5IP Idle Poll
5MH Mid High/Low
5OZ Trade Report
5SE Best Price
5SG Announcement Message
5TH Trade High/Low
5VO VWAP from Trades
5VW VWAP from Automatic Trades
5UP Uncrossing Price
22 Copyright 2006 London Stock Exchange plc Issue 14TIS101 BROADCAST SERVICES – INFOLECT
3.4.2 UK Level 1 Plus
UK Level 1 Plus disseminates Level 1 Plus information for all UK Markets
excluding Covered Warrants. This includes SETS, SETSmm, SEAQ and
SETSqx.
This service provides additional data not available from Level 1 that is
derived from Level 2 data, provided from external suppliers or created from
otherwise unpublished data. The message from unpublished data is Market
Share and the messages derived from Level 2 include Money Flow,
Enhanced Best Price and Uncrossing Price and Volume. The data provided
by external suppliers includes Return Measures and Alpha/Betas.
Service Name Service Channel Message Rates
UK Level 1 Plus S02 313 messages per
second
(approx. 583 kbps)
MESSAGE TYPES THAT MAY BE BROADCAST OVER THIS SERVICE CHANNEL:
5AB Return Measures
5AF Alphas/Betas
5AP Average Cumulative Volumes
5BY Buy/Sell Percentage
5FM Money Flow
5IP Idle Poll
5MV Market Share top 5
5PP Market Share Ratio and Market Capitalisation
5SF Enhanced Best price
5TW Time Weighted Average Spread
5UD Uncrossing Price and volume
Issue 14 Copyright © 2006 London Stock Exchange plc 23BROADCAST SERVICES – INFOLECT TIS101
3.4.3 UK Level 2
UK Level 2 disseminates Level 2 information for all UK Markets excluding
Covered Warrants. This includes SETS, SETSmm, SEAQ and SETSqx.
This service provides all the information required to display a full depth order
or quote book and market control messages. The market control messages
provide status messages on member firms and markets (Market Status
Information and Member Role in Instrument) and messages that indicate the
transition between trading periods (Temporary Period for tradable
Instrument/Currency, Period for Market Sector, Tradable
Instrument/Currency Period Change and Sector Period Change). The
messages required to display a full depth order or quote book are Order
Deletion/Expiry/Fully Matched, Order Details, Quote Update and Quote
Close. The Level 2 service also includes a subset of Level 1 messages of
use for customers who calculate the Best Price from Level 2 data and do not
take Level 1 data. These messages are Uncrossing Price, Announcement
Message and Ex- Marker Status.
The service begins with the Public Order Book download that starts at 5:00
am and disseminates the Order Details of the orders still on the order book
from the previous day. This is followed by the deletion of orders that have
expired overnight at 7:00 am, which occurs prior to market open.
Service Name Service Channel Message Rates
UK Level 2 S03 572 messages per
second
(approx. 802 kbps)
MESSAGE TYPES THAT MAY BE BROADCAST OVER THIS SERVICE CHANNEL:
5CT Tradable Instrument Control
5EM Ex-Marker Status
5IP Idle Poll
5MN Member Role in Instrument
5MK Market Status Information
5OE Order Deletion/Expiry/Fully Matched
5OL Temporary Period for tradable Instrument/Currency
5OM Period for Market Sector
5OO Order Details
5OV Tradable Instrument/Currency Period Change
5OW Sector Period Change
5QT Quote Update
5SG Announcement Message
5SN Quote Close
5SX Uncrossing Completed
5UP Uncrossing Price
24 Copyright 2006 London Stock Exchange plc Issue 14TIS101 BROADCAST SERVICES – INFOLECT
3.4.4 UK Reference Data
UK Reference Data provides Reference Data information for all UK Markets
including SETS, SETSmm, SEAQ and SETSqx. Please note UK Reference
Data also includes Covered Warrants Reference Data.
The Reference Data service provides Market, Instrument, Segment and
Participant reference data (Equity Background Data, Instrument Trading
Data and Member Role in Instrument). Reference Data also includes
Opening and Closing Prices and instrument data related to RNS
Announcements and Ex-Marker Status (Announcement Message and Ex-
Marker Status).
The Reference Data service sends a full download at 05:00 and updates are
disseminated after market close. Please note, in certain circumstances
updates can be sent between 06:00 and 17:30.
Service Name Service Channel Message Rates
UK Reference Data S04 42 messages per
second
(approx. 57 kbps)
MESSAGE TYPES THAT MAY BE BROADCAST OVER THIS SERVICE CHANNEL:
5EM Ex Marker Status
5ER Equity Background Data
5IP Idle Poll
5IS Instrument Trading Data
5MN Member Role in Instrument
5MS Member in Segment
5OM Period for Market Sector
5PR Opening Price
5SD Segment Description
5SG Announcement Message
5SK Closing Price
5SS Sector Description
5TM Tick Size Matrix for Segment / Currency
5TY Trade Type for Segment
Issue 14 Copyright © 2006 London Stock Exchange plc 25BROADCAST SERVICES – INFOLECT TIS101
3.4.5 International Level 1
International Level 1 disseminates Level 1 information for all International
Markets excluding the Dutch Trading Service. It includes the International
Order Book and the International Bulletin Board.
This service comprises the base Level 1 data (Best Price, Trades and
Uncrossing Price) and Level 1 derived data (Cumulative Volume, Number of
Trades, Mid High Low, Trade High Low and VWAP from Trades). The Level
1 service also disseminates messages that indicate whether an RNS
Announcement message has been sent for an instrument (Announcement
Message) and indicate if an instruments Ex-Markers have changed.
Service Name Service Message Rates
Channel
International Level 1 S05 26 messages per
second
(approx. 40kbps)
MESSAGE TYPES THAT MAY BE BROADCAST OVER THIS SERVICE CHANNEL:
5DV Cumulative Number and Volume of Trades
5EM Ex Marker Status
5IP Idle Poll
5MH Mid High/Low
5OZ Trade Report
5SE Best Price
5SG Announcement Message
5TH Trade High/Low
5VO VWAP from Trades
5VW VWAP from automatic trades
5UP Uncrossing Price
26 Copyright 2006 London Stock Exchange plc Issue 14TIS101 BROADCAST SERVICES – INFOLECT
3.4.6 International Level 1 Plus
International Level 1 Plus disseminates Level 1 Plus information for all
International Markets excluding the Dutch Trading Service. It includes the
International Order Book and the International Bulletin Board.
This service provides additional data not available from Level 1 that is
derived from Level 2 data. The messages derived from Level 2 data include
Enhanced Best Price and Uncrossing Price and Volume.
Service Name Service Message Rates
Channel
International Level 1 Plus S06 15 messages per
second
(approx. 28 kbps)
MESSAGE TYPES THAT MAY BE BROADCAST OVER THIS SERVICE CHANNEL:
5BY Buy/Sell Percentage
5FM Money Flow
5IP Idle Poll
5SF Enhanced Best price
5TW Time Weighted Average Spread
5UD Uncrossing Price and volume
Issue 14 Copyright © 2006 London Stock Exchange plc 27BROADCAST SERVICES – INFOLECT TIS101
3.4.7 International Level 2
International Level 2 disseminates Level 2 information for all International
Markets excluding the Dutch Trading Service. It includes the International
Order Book and the International Bulletin Board.
This service provides all the information required to display a full depth order
or quote book and market control messages. The market control messages
provide status messages on member firms and markets (Market Status
Information and Member Role in Instrument) and messages that indicate the
transition between trading periods (Temporary Period for tradable
Instrument/Currency, Period for Market Sector, Tradable
Instrument/Currency Period Change and Sector Period Change). The
messages required to display a full depth order or quote book are Order
Deletion/Expiry/Fully Matched, Order Details, Quote Update and Quote
Close. The Level 2 service also includes a subset of Level 1 messages of
use for customers who calculate the Best Price from Level 2 data and do not
take Level 1 data. These messages are Uncrossing Price, Announcement
Message and Ex- Marker Status.
The service begins with the Public Order Book download that starts at 5:00
am and disseminates the Order Details of the orders still on the order book
from the previous day. This is followed by the deletion of orders that have
expired overnight at 7:00 am, which occurs prior to market open.
Service Name Service Message Rates
Channel
International Level 2 S07 28 messages per
second
(approx. 39 kbps)
MESSAGE TYPES THAT MAY BE BROADCAST OVER THIS SERVICE CHANNEL:
5CT Tradable Instrument Control
5EM Ex Marker Status
5IP Idle Poll
5MN Member Role in Instrument
5MK Market Status Information
5OE Order Deletion/Expiry/Fully Matched
5OL Temporary Period for tradable Instrument/Currency
5OM Period for Market Sector
5OO Order Details
5OV Tradable Instrument/Currency Period Change
5OW Sector Period Change
5QT Quote Update
5SG Announcement Message
5SN Quote Close
5SX Uncrossing Completed
5UP Uncrossing Price
28 Copyright 2006 London Stock Exchange plc Issue 14TIS101 BROADCAST SERVICES – INFOLECT
3.4.8 International Reference Data
International Reference Data provides Reference Data information for all
International Markets excluding the Dutch Trading Service. It includes the
International Order Book and the International Bulletin Board.
The Reference Data service provides Market, Instrument, Segment and
Participant reference data (Equity Background Data, Instrument Trading
Data and Member Role in Instrument). Reference Data also includes
Opening and Closing Prices and instrument data related to RNS
Announcements and Ex-Marker Status (Announcement Message and of Ex-
Marker Status).
The Reference Data service sends a full download at 05:00 and updates are
disseminated after market close. Please note, In certain circumstances
updates can be sent between 06:00 and 17:30.
Service Name Service Message Rates
Channel
International Reference Data S08 12 messages per
second
(approx. 16 kbps)
MESSAGE TYPES THAT MAY BE BROADCAST OVER THIS SERVICE CHANNEL:
5EM Ex Marker Status
5ER Equity Background Data
5IP Idle Poll
5IS Instrument Trading Data
5MN Member Role in Instrument
5MS Member in Segment
5OM Period for Market Sector
5PR Opening Price
5SD Segment Description
5SG Announcement Message
5SK Closing Price
5SS Sector Description
5TM Tick Size Matrix for Segment / Currency
5TY Trade Type for Segment
Issue 14 Copyright © 2006 London Stock Exchange plc 29BROADCAST SERVICES – INFOLECT TIS101
3.4.9 Dutch Trading Service Level 1
Dutch Trading Service Level 1 disseminates Level 1 information for the
Dutch Trading Service Segment.
This service comprises the base Level 1 data (Best Price, Trades and
Uncrossing Price) and Level 1 derived data (Cumulative Volume, Number of
Trades, Mid High Low, Trade High Low and VWAP from Trades). The Level
1 service also disseminates messages that indicate whether an RNS
Announcement message has been sent for an instrument (Announcement
Message) and indicate if an instruments Ex-Markers have changed.
Service Name Service Message Rates
Channel
Dutch Trading Service Level 1 S09 27 messages per
second
(approx. 43 kbps)
MESSAGE TYPES THAT MAY BE BROADCAST OVER THIS SERVICE CHANNEL:
5DV Cumulative Number and Volume of Trades
5EM Ex Marker Status
5IP Idle Poll
5MH Mid High/Low
5OZ Trade Report
5SE Best Price
5SG Announcement Message
5TH Trade High/Low
5VO VWAP from Trades
5VW VWAP from automatic trades
5UP Uncrossing Price
30 Copyright 2006 London Stock Exchange plc Issue 14TIS101 BROADCAST SERVICES – INFOLECT
3.4.10 Dutch Trading Service Level 1 Plus
Dutch Trading Service Level 1 Plus disseminates Level 1 Plus information
for the Dutch Trading Service Segment.
This service provides additional data not available from Level 1 that is
derived from Level 2 data. The messages derived from Level 2 data include
Enhanced Best Price and Uncrossing Price and Volume.
Service Name Service Message Rates
Channel
Dutch Trading Service Level 1 S10 38 messages per
Plus second
(approx. 73 kbps)
MESSAGE TYPES THAT MAY BE BROADCAST OVER THIS SERVICE CHANNEL:
5BY Buy/Sell Percentage
5FM Money Flow
5IP Idle Poll
5SF Enhanced Best price
5TW Time Weighted Average Spread
5UD Uncrossing Price and volume
Issue 14 Copyright © 2006 London Stock Exchange plc 31BROADCAST SERVICES – INFOLECT TIS101
3.4.11 Dutch Trading Service Level 2
Dutch Trading Service Level 2 disseminates Level 2 information for the
Dutch Trading Service Segment.
This service provides all the information required to display a full depth order
or quote book and market control messages. The market control messages
provide status messages on member firms and markets (Market Status
Information and Member Role in Instrument) and messages that indicate the
transition between trading periods (Temporary Period for tradable
Instrument/Currency, Period for Market Sector, Tradable
Instrument/Currency Period Change and Sector Period Change).The
messages required to display a full depth order or quote book are Order
Deletion/Expiry/Fully Matched, Order Details, Quote Update and Quote
Close. The Level 2 service also includes a subset of Level 1 messages of
use for customers who calculate the Best Price from Level 2 data and do not
take Level 1 data. These messages are Uncrossing Price, Announcement
Message and Ex- Marker Status.
The service begins with the Public Order Book download that starts at 5:00
am and disseminates the Order Details of the orders still on the order book
from the previous day. This is followed by the deletion of orders that have
expired overnight at 7:00 am, which occurs prior to market open.
Service Name Service Message Rates
Channel
Dutch Trading Service Level 2 S11 90 messages per
second
(approx. 122 kbps)
MESSAGE TYPES THAT MAY BE BROADCAST OVER THIS SERVICE CHANNEL:
5CT Tradable Instrument Control
5EM Ex-Marker Status
5IP Idle Poll
5MK Market Status Information
5MN Member Role in Instrument
5OE Order Deletion/Expiry/Fully Matched
5OL Temporary Period for tradable Instrument/Currency
5OM Period for Market Sector
5OO Order Details
5OV Tradable Instrument/Currency Period Change
5OW Sector Period Change
5QT Quote Update
5SG Announcement Message
5SN Quote Close
5SX Uncrossing Completed
5UP Uncrossing Price
32 Copyright 2006 London Stock Exchange plc Issue 14TIS101 BROADCAST SERVICES – INFOLECT
3.4.12 Dutch Trading Service Reference Data
Dutch Trading Service Reference Data disseminates Reference Data
information for the Dutch Trading Service Segment.
The Reference Data service provides Market, Instrument, Segment and
Participant reference data (Equity Background Data, Instrument Trading
Data and Member Role in Instrument). Reference Data also includes
Opening and Closing Prices and instrument data related to RNS
Announcements and Ex-Marker Status (Announcement Message and Ex-
Marker Status).
The Reference Data service sends a full download at 05:00 and updates are
disseminated after market close. Please note, in certain circumstances
updates can be sent between 06:00 and 17:30.
Service Name Service Message Rates
Channel
Dutch Trading Service Reference S12 3 messages per
Data second
(approx. 4 kbps)
MESSAGE TYPES THAT MAY BE BROADCAST OVER THIS SERVICE CHANNEL:
5EM Ex Marker Status
5ER Equity Background Data
5IP Idle Poll
5IS Instrument Trading Data
5MN Member Role in Instrument
5MS Member in Segment
5OM Period for Market Sector
5PR Opening Price
5SD Segment Description
5SG Announcement Message
5SK Closing Price
5SS Sector Description
5TM Tick Size Matrix for Segment / Currency
5TY Trade Type for Segment
Issue 14 Copyright © 2006 London Stock Exchange plc 33You can also read
