Service Definition TRADING AND INFORMATION SERVICES - Issue 14

 
Service Definition
TRADING AND
INFORMATION SERVICES

Issue 14

Title:    SERVICE DEFINITION –
          TRADING AND INFORMATION SERVICES

Ref No:   TIS101

Issue:    Issue 14

Date:     December 2006
TIS101

                                   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 14
TIS101

                                     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                                         3
TIS101

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

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TIS101

    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 14
TIS101                                                                             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

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INTRODUCTION                                                                                              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 14
TIS101                                                                  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.

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TRADING 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 14
TIS101                                                                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                                   11
TRADING 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 14
TIS101                                                                          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                                       13
TRADING 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.

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TIS101                                                           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

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TRADING 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.

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TIS101                                                         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.

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TRADING 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).

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BROADCAST 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.

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TIS101                                                                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

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BROADCAST 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

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TIS101                                             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

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BROADCAST 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

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TIS101                                             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

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BROADCAST 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

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TIS101                                             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

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BROADCAST 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

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TIS101                                             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

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BROADCAST 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

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TIS101                                             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

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BROADCAST 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

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TIS101                                             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                             33
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