VBBO

PartnerEx

HybridBook

Clearing & Settlement

Instruments Traded

Expanding our offering across Europe

Equiduct will roll out trading across the European markets in phases, ultimately providing investment firms across the continent with equal access to the many benefits of our rapid and robust trading platform.

Currently we trade equities in the following countries:

  • Belgium
  • France
  • Germany
  • Italy
  • Netherlands
  • Portugal
  • UK

See  current instrument list

Equiduct Instrument Universe Methodology

Equiduct Instruments will be selected following the process stated below. They will be assessed for the following services: 

Market Data

  • VBBO: Calculation and Distribution
  • Liquidity Viewer: Real Time and Historical
  • LFA: the Liquidity Fragmentation Analytics

Trading

  • HybridBook: Subject to Clearing being available
  • PartnerEx: if  MM quotes available in Hybrid Book 

Criteria for Inclusion in the Equiduct Instrument List

To become eligible for inclusion in the Equiduct Instrument List a security must meet the following criteria.

1. On ESMA List

The security must be on the ESMA list of  "Shares admitted to trading on EU Regulated Markets".

2. Exchange Traded
Admitted for trading on one of the following Regulated Markets or Multilateral Trading Facilities

  • BATS Trading Europe
  • CHI-X
  • Deutsche Boerse Xetra
  • Equiduct HybridBook 
  • London Stock Exchange
  • NYSE Euronext (Belgium, France, Netherlands, Portugal)
  • Turquoise
  • Borsa Italiana

3. Liquidity Criteria
The criteria are listed below: 

Be an Index Constituent
The security must be a constituent of one of the following Indices:

  • FTSE 100
  • FTSE 250
  • FTSE 350
  • AEX
  • BEL20
  • CAC40
  • DAX30
  • PSI
  • Euronext 100
  • Euronext 150
  • Stoxx 50
  • DJEurostoxx 50
  • MIB40

Or

Have a Liquidity Fragmentation Index (LFI) with a value greater than 1

Some instruments may also be included or excluded at Management discretion.

4. The instruments must be accepted for clearing in one of the following clearing houses

  • LCH.Clearnet Ltd: for UK & Italian stocks
  • LCH.Clearnet SA: for BE, FR, NL and PT stocks
  • SIX X-Clear: for DE stocks

5. Reference Markets

Traded continuously on at least two eligible execution venues in the same currency.

Review Frequency

The Equiduct Instrument List will be reviewed periodically. 

  • Review of newly traded  instruments on MTFs and of LFI on a daily basis
  • Quarterly full instrument review
  • Index Constituent changes, when applicable