ICAP Securities OTF Market Notice 2018.018.ISLOTF

21 Sep 2018 00:00

ICAP Securities OTF Market Notice 2018.018.ISLOTF

ICAP Securities OTF – update to GEMM Gilts no cancellation range - GEMM Gilts segment (MIC IOGI)

The ICAP GEMM Gilts desk has historically operated a no cancellation range policy.Further to the introduction of MIFID II in January 2018, the desk now operates within the ICAP Securities OTF.

As a reminder, the no cancellation range is formed of defined parameters above or below a price set at the Operator’s discretion, within which a Transaction subject to a cancellation request will stand. The ICAP Securities OTF will use third party mid prices as the basis for the determination of the no cancellation range.

The following no cancellation ranges (as may be amended and published by the Operator from time to time) are effective immediately.

If a Transaction is entered into within the no cancellation range, which for clarification includes the basis point figures shown above, and is the subject of a cancellation request, the Transaction will stand and the counterparties shall be bound by the terms of the relevant Transaction.

Notwithstanding anything contained within this Market Notice, any Error Trades may continue to be determined as such by the Operator in accordance with the ICAP Securities OTF Error Trades Policy.

Please visit the ICAP Securities OTF venue page for more information. 

Capitalised terms used in this Market Notice shall have the meaning ascribed to them in the ICAP Securities OTF Rulebook.

Please direct any questions regarding this Market Notice to:

Email:

ICAP Securities OTF

Post:

ICAP Securities OTF
ICAP Securities Limited, 
2 Broadgate, London, 
EC2M 7UR,
United Kingdom