SETSqx and SEAQ
SETSqx (Stock Exchange Electronic Trading Service – quotes and crosses) is a trading service for securities less liquid than those traded on SETS.
SETSqx combines a periodic electronic auction book with standalone non-electronic quote driven market making. Electronic orders can be named or anonymous and for the indicated securities order book executions will be centrally cleared.
The auction uncrossings are scheduled to take place at 8am, 9am, 11am, 2pm and 4:35pm. An execution in the final auction will set the security’s closing price for the day and generate a Closing Price Crossing Session, which provides a further trading opportunity to execute business at the closing auction price.
There are 2 types of order book model for SETSqx depending on whether the security has registered market makers providing non-electronic quotes. The model in operation determines which Time in Forces are valid for the electronic orders and how these orders are publically displayed ahead of the scheduled uncrossing. Please see the SETSqx Factsheet for full details.
SEAQ is London Stock Exchange's non-electronically executable quotation service that allows market makers to quote prices in AIM securities (not traded on SETS or SETSqx) as well as a number of fixed interest securities.