International Order book

The IOB enables investors to unlock the potential of some of the world’s fastest growing markets through a single central electronic order book. It offers easy and cost efficient direct access to securities via depositary receipts from over 44 countries, including those in Central and Eastern Europe, Asia and the Middle East.

The market has grown rapidly since its inception in 2001, with Gazprom, Sberbank and Lukoil being amongst the most heavily traded securities on the London Stock Exchange.

With similar order functionality as found on SETS, IOB provides a deep, liquid market. This visible liquidity is supplemented by the potential to obtain price and / or size improvement on execution. This is made possible by the minimum size for hidden orders and the minimum peak of iceberg orders both being set at around US$14,000, encouraging the provision of larger un-displayed orders. Price improvement is further enhanced by the option to automatically update a hidden order to the mid of best visible bid / offer.

Important changes from Monday 10 February 2014:

  • The opening auction will start at 07.50, with the regular trading starting at 08:00 (subject to any random 30 second periods, or price or market order extensions).
  • The Closing Price Crossing session (CPX) will be available until 4pm. The closing auction will still begin at 15:30 and finish at 15:40(subject to any random 30 second periods, or price or market order extensions).
  • Gazprom, Lukoil, Sberbank, Rosneft, Novatek and MMC Norilsk Nickel are moving to the FESE1. The IOB securities which should be included on this tick table will be reviewed every 3 months.

Please see our Response to December 2013 IOB consultation document for more details.

IOB Order Book Trading Statistics
For the latest whole month's IOB trading statistics and listings overview please click here.

IOB Clearing
In line with SETS and the Turquoise Derivatives IOB service, the IOB benefits from a Central Counterparty (CCP) clearing service around 100 of the most heavily traded securities, ensuring anonymous pre and post trading, along with full counterparty protection. A buyer protection service is available allowing participants to make elections in unsettled, cleared trades during a corporate action. A manual buyer protection election service is operated by LCH.Clearnet for IOB corporate actions. To activate an election in a specific corporate action (currently at no cost) requires the submission of a Buyer Election Notice to LCH.Clearnet. This can be found as Appendix 2D.F of Section 2D at the following link: http://www.lchclearnet.com/rules_and_regulations/ltd/default.asp.

IOB Netting
An optional netting service is available on the IOB, provided by LCH.Clearnet, which enables firms to net same day, same-security trades at the CCP level for trades in cleared securities. To opt in to netting, please contact the Client Implementation team on +44 (0)20 7797 3232.

IOB Participants
To access information on member firms in the UK and around the world, including those with access to the IOB, please visit our member firm directory. You can also search by a firm’s name or search for firms’ DTC or Euroclear Bank codes.

For information on Market Making, please see page 47, section 5.6 of the Guide to Trading Services at the link www.lseg.com/tradingservices

Access
All member firms that wish to trade electronically on the IOB are required to complete an IOB Clearing Static Data Form and submit it to the London Stock Exchange. Completed forms should be submitted to: clientimplementation@lseg.com. For assistance, please contact the Client Implementation Team on +44 (0)20 7797 3232. All IOB trading participants are required to have a direct or indirect relationship with LCH.Clearnet. The LCH.Clearnet Membership Team can be contacted on +44(0)20 7426 7063.

You may require assistance from your settlement provider and/or GCM to complete the relevant sections of the Static Data Form:

  • Individual Clearing Members (ICMs) and General Clearing Members (GCMs) are required to complete separate Static Data Forms for principal and agency business.
  • Non Clearing Members (NCMs) are required to complete the Static  Data Form and have it countersigned by their GCM.
  • Direct Market Access (DMA) clients are not required to submit a Static Data Form, but should confirm with the respective member firm that they will support this service.

A Euroclear RG448 Power of Attorney form needs to be completed and returned to Euroclear Bank, by the member firm or its settlement provider for each participant account within Euroclear Bank. Forms must be returned to Euroclear Bank by the member firm or its settlement provider before access to IOB is granted. Please contact Euroclear Bank Data Management Team on +32 (0)2326 1535 or client.management@euroclear.com for assistance.

List of Securities

List of IOB CCP securities - updated weekly

List of IOB NON CCP securities - updated weekly

Derivatives on IOB securities

London Stock Exchange Derivatives Markets (LSEDM) offers on screen trading for options and futures, in the most liquid IOB securities, plus the FTSE RIOB Index. Flexible trade reporting for options and futures is also available on these, plus more than 30 other IOB securities, including names from Kazakhstan, India and South Korea.

More details on IOB Derivatives, including dividend futures, and other LSEDM products can be found here http://www.lseg.com/derivatives.