Quality of Trading

Equiduct

Equiduct, is a pan European trading platform operated by Börse Berlin. Equiduct has built an innovative market model to offer a fast and cost-effective all-in-one solution for trading equities in a fragmented European market.

Equiduct provides two execution facilities, a HybridBook and PartnerEx. The HybridBook is an electronic order book that includes market maker quotes for each available instrument. PartnerEx is a unique trading model that allows order flow providers to execute at the best price calculated out of the virtual pan European consolidated order book.

Apart from its trading platform Equiduct offers market data products including the VBBO (Volume weighted Best Bid and Offer), pan European volume-weighted consolidated best price, used as a basis for PartnerEx transactions. Calculated out of a virtual order book that consolidates the visible pre-trade information (Level II data) gathered from the seven most important markets in Europe, Equiduct’s VBBO is a derived real-time data feed that gives you access to a single source of pan-European equity price data. VBBO is the same price you would attain were you to make the ideal partial executions in all of the reference markets.

Order types

The fully electronic Equiduct enables the following order types:

• Market Order
• Limit Order
• Iceberg Order
• Stop Order
• Pegged Order (Dynamically priced limit orders set in relation to the EquiductEBBO that appear in the book in the same way as normal limit orders. The EquiductEBBO, the Europe-wide best bid and offer (EBBO) is calculated using prices form the reference markets for the financial instrument).
• At Best Order (Prior to match processing in either PartnerEx or HybridBook, an Equiduct At-Best order will be assigned a limit price. The limit price will be the best available price at the EBBO for the stock).

The following execution conditions may be specified:

• Good-for-day
• Good-for-session
• Good-till-date
• Good-till-cancelled
• At-the-open
• At-the-close
• Fill-or-kill
• Immediate-or-cancel

Connection to several Clearing Agencies

Equiduct, as a market place that addresses the European market, is connected to several European CCPs. These are currently LCH Clearnet SA (for French, Belgian, Dutch and Portugese stocks), LCH Clearnet Ltd. (for UK stocks) and Six x-clear AG (for German and Swiss stocks).

Please find a detailed description of Equiduct’s market model on the Equiduct website at www.equiduct.com.