Reaching out across the European market

From the moment that Equiduct Trading rolls out VBBO, it will include most liquid equity instruments admitted for trading on the London Stock Exchange (LSE), Euronext and Deutsche Börse (Xetra). Further instruments will be added at future dates.

All securities included in VBBO must meet our own criteria for liquidity, which will change periodically. Criteria for inclusion may require, for example, that an equity:

• is traded on at least two external markets
• consistently makes available both Level I (high level snapshot) and Level II (market depth) data is available for both bid and offer
• has the requisite market depth to allow the calculation of SMS or RMS
• demonstrates that its prices are not sedentary, i.e. that there is some movement on either the price or trade volumes
• has a bid/offer spread within a specified range limit

A list of criteria and securities covered will be available from this website following launch of the market.