|Type of system
||Description of system
||Summary of information to be made public
|Continuous auction order book trading system
||A system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with matching buy orders on the basis of the best available price on a continuous basis.
||The aggregate number of orders and the Financial Instruments they represent at each price level, for at least the five best bid and offer price levels.
|Quote-driven trading system
||A system where transactions are concluded on the basis of firm quotes that are continuously made available to participants, which requires the market makers to maintain quotes in a size that balances the needs of Members and participants to deal in a commercial size and the risk to which the market maker exposes itself.
||The best bid and offer by price of each market maker in that Financial Instrument, together with the volumes attaching to those prices.
|Periodic auction trading system
||A system that matches orders on the basis of a periodic auction and a trading algorithm operated without human intervention.
||The price at which the auction trading system would best satisfy its trading algorithm and the volume that would potentially be executable at that price.
|Trading system not covered by first three rows
||A hybrid system falling into two or more of the first three rows or a system where the price determination process is of a different nature than that applicable to the types of system covered by the first three rows.
||Adequate information as to the level of orders or quotes and of trading interest; in particular, the five best bid and offer price levels and/or two way quotes of each market maker in the Financial Instrument, if the characteristics of the price discovery mechanism so permit.