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This minimum volume threshold level varies dependent on the contract and whether the contract.

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For example, many contracts require a minimum volume threshold of lots. In addition, when executing a block trade for a calendar spread in the same contract, each leg must meet the contract's minimum volume threshold. For example, if the contract requires at least a lot order for a block trade, then a calendar spread in the same contract must equal at least lots per leg for an aggregate amount of 1, lots or more. Guaranteed Cross trades must be limited at a price within the best bid-offer BBO.

This requirement applies to the individual legs of a strategy as well. When submitting a Guaranteed Cross trade, you must select the desired contract from the Market Grid. You must populate the Price and Quantity fields to submit a Guaranteed Cross trade. The off order book trading rules are less reliant on the system rules of the trading system and govern how member firms must interact when trading on Exchange away from the order book.

This section of the rules is more extensive than the order book trading rules and covers subjects such as the determination of an on Exchange trade, trade reporting, trade publication, and obligations of member firms to market makers. The market making rules are related to both off order book trading and to order book trading.

A member firm can elect to register as a market maker in one or more securities but must be able to meet the obligations that are associated with the role. A basic requirement is for a market maker to make prices and deal either on the order book, off the order book or both. The trading system's functionality determines some of the minimum requirements for a market maker, such as the minimum size of the quote.

The rules make reference to the parameters where applicable. This is the largest section in the Rulebook providing rules for the settlement and clearing of on Exchange market contracts and for the handling of benefit actions such as dividend payments and corporate actions. The settlement rules require that a member firm shall ensure that every on Exchange trade effected is duly settled. There are rules in connection with the time of settlement, mandatory settlement, place of settlement and the postponement or extension of the settlement period.

In addition the rules deal with inter office delivery, certified transfers, and late settlement. The Exchange operates a buying-in service whereby a member firm can request the Exchange buys stock in on its behalf. Rules relating to buying-in are included within this section but the operational procedures and process is available separately under the buying-in section.

Rules relating to the clearing of trades through a central counterparty are contained in this section, including clearing arrangements, continuing suitability, central counterparty contracts, and settlement netting. Finally there are rules relating to general benefit situations and how they should be handled. These include dividends, rights issues, capitalisation issues, entitlement issues, conversions and drawings, takeovers, and stock situations.

In addition, this section of the rule book also contains rules relating to central counterparty clearing and settlement netting as well as the rules relating to member firm settlement obligations where there is a benefit distribution or a stock situation. The compliance rules procedures cover the disciplinary process used by the Exchange. Where the Exchange believes there has been a rule breach by a member firm it may commence disciplinary action against that firm. The rules detail the process applied to each of the above sanctions, including the appeals process.

The final section of the Rulebook is the default rules procedures. Where a member firm is not able to fulfil its on Exchange market contracts and is deemed to be in default, the Exchange will apply its default rules accordingly. The operation of the Exchange's default procedures, in accordance with the provisions of the Companies Act , is designed to produce a net sum calculation of the liabilities owed to and by the defaulter acting as principal with respect to each of its counterparties to unsettled non CCP on-Exchange trades.

Where the defaulter was acting in an agency capacity the Exchange will contact the defaulter's customer or counterparty and the non-defaulting member firm and will require them to settle the contract as dealt. You can find more information on the member firm information sheet directory.

Below you will find a number of forms commonly used by member firms for regulatory purposes. You can download, print, complete and return forms to the relevant Exchange departments.

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For use by applicant and member firms in order to confirm to the London Stock Exchange their settlement arrangements with third party providers. Firms should complete one or both depending on the settlement arrangements in place. Each declaration must be fully completed and signed by both the firm and its settlement provider.

Where a transaction was not undertaken with a central counter party the requesting party is required to attempt to resolve the unsettled trade directly with its counter party. It is required to notify its counter party prior to instigating the buying-in procedure. In certain situations the Exchange will be unable to complete the buying-in process. Examples include:. The buying-in process is initiated by the requesting party submitting a request directly by e-mail to the Exchange.

Member Firms may find this is the most convenient for CREST settled transactions and are required to set up a dedicated e-mail address for receiving notifications of processed requests by the Exchange. The Exchange should be advised immediately if this e-mail address changes.


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The form below can be downloaded and completed electronically and should be e-mailed to buying-in londonstockexchange. The requesting party should submit the request in accordance with the timetables set out in the "Buying-in timetables" page.

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Prior notice to the liable party by the Exchange will not be given where buying-in is to take place immediately. The timetable set out in the "Buying-in timetables" page indicates when the Exchange will make the first attempt to buy in. If this is unsuccessful then it shows when a second attempt will be made.

It also gives details of when matching and settlement must take place.

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Where a security changes timetables, for example, following a transformation as a result of a corporate action, the shortest timetable will be applicable. It is the responsibility of the requesting party to ensure that it provides full information in connection with the buying-in request submitted to the Exchange.

The Exchange is not liable for any errors or omissions in the connection with information it receives. Any buying-in request submitted after the time indicated in the "Buying-in timetables" page will be treated as having being received the following business day in that security. The liable party will incur a charge as soon as the buying-in Notice is issued. The actual amount is set in accordance with the scale of charges detailed on the "Buying-in Charges" page.

Where the requesting party wishes to withdraw or amend its buying-in request, as a result of settling an outstanding transaction or reaching agreement with the liable party not to proceed to buying-in, it should do so by sending an instruction to the Exchange. The requesting party cannot withdraw a buying-in request in respect of a CCP transaction, although in this instance only, it will not be required to accept delivery where settlement of the transaction in respect of which it had previously issued the buying-in request has already occurred. An instruction from the requesting party to withdraw a buying-in request will be accepted by the Exchange at any time in the period between the actual submission of the relevant buying-in request and the timetabled day for buying-in.

Transactions in renounceable documents are not subject to buying-in. However, where, because of non-delivery by the liable party, settlement of a transaction in a renounceable document is to be effected in registered form, a buying-in request may be submitted in respect of the registered security following the later of the normal timetable date as per the "Buying-in timetables" page or the date of transformation.

Where buying-in is not done on an immediate basis, the liable party may contact the Exchange before London time on the business day prior to the buying-in date and request a read-on of the Notice. The notice should be read-on in respect of the transaction s for which settlement has been outstanding for the longest period of time.

If a buying-in notice is read-on, an instruction must be sent to the Exchange by the initial liable party together with a new buying-in request identifying the relevant member firm or transaction s in respect of which the notice is being read-on.

In the event that the relevant transaction is a central counterparty transaction, the requesting party should indicate the trade code and the Exchange will then identify the ultimate liable party. For notices submitted manually, the serial number from the original buying-in notice must be written in the Special Instructions box on the new buying-in request. Once a read-on buying-in request has been submitted, it may only be withdrawn once the original transaction is settled or at the instigation of the original requesting party.

On the day of buying-in, the Exchange will seek to obtain stock that is available for settlement as per the timetable in the "Buying-in timetables" page. The Exchange executes trades throughout normal trading hours for the security concerned. Once a buying-in transaction has been executed, the Exchange will notify both the liable and requesting parties. The liable party will be notified of the cost incurred and must ensure that the consideration and dealing charges match with the Exchange or its settlement agent. The liable party must ensure that the transaction settles and that the securities delivered are used to settle the original outstanding transaction against which a buying-in notice was issued.