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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.
List of Securities
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: email@example.com. For assistance, please contact the Client Implementation Team on +44 (0)20 7797 3232.
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 must be completed and returned to Euroclear Bank. Please contact Euroclear Bank Data Management Team on +32 (0)2326 1535 or firstname.lastname@example.org for assistance.
IOB market making
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.
IOB Clearing, Netting & Corporate Actions
Please refer to http://www.lchclearnet.com/asset-classes/equities/london-stock-exchange