Finer Price Tick
Price increments in the ICS have been reduced from half (0.005) to tenth (0.001) tick, with the underlying futures contracts remaining at half tick increments.
This Finer Price Tick enables market participants to place orders on the central limit order book (CLOB) at price level increments of 0.001. For an ICS order for 1,000 lots (£0.5bn notional), the value of the minimum price increment will decrease from £6,250 to £1,250.
How you benefit
Using the platform’s implied functionality between the outright contracts and the ICS, an ICS priced at a Finer Price Tick will imply into the relevant outright contracts and will be available as a price improvement for traders. We flag the availability of volume at an improved price in our published market data.