Quality of Trading

Equiduct

Equiduct is a pan European trading platform operated by Börse Berlin. Equiduct's unique trading model combines a vanilla central limit order book (HybridBook) with premium Retail (PartnerEx) and Institutional (SpotVBBO) Best Execution services, to deliver an all in one trading solution for retail and institutional investors.

Equiduct's Premium Best Execution service PartnerEx sources fragmented liquidity from across Europe, allowing brokers to meet their Best Execution obligations by trading against the pan-European consolidated order book.

Key features include:

• The best executable price backed by Liquidity Providers.
• The highest likelihood of execution.
• Proof of best execution.
• Pan European Stock coverage

Using Equiduct's proprietary VBBO Best Execution price discovery, SpotVBBO allows institutions to trade on a lit, regulated market with designated counterparties under a best execution guarantee.

Market Data

Equiduct's pan European coverage allows accumulating and delivering comprehensive real-time data, via three products:

• Market by Limit:
  Unique to the European trading landscape, the Market-By-Limit feed offers a complete real-time pan European consolidated order book and associated consolidated post-trade information.
  
  
• HybridBook:
  A real-time low latency data feed providing a view of Equiduct's central limit order book, HybridBook, along with full post-trade information for the Equiduct market.
  
  
• VBBO:
  The Volume-weighted Best Bid and Offer (VBBO) is a real-time data feed for PartnerEx, providing the best executable price (Bid and Offer) at Retail (RMS) and Standard Market Size (SMS).
  
  

Index and Analytical Products

Equiduct also offers custom indices and analytics.

• Index Product
  Equiduct offers customised index creation and real time index value dissemination, using proprietary VBBO pre-trade market data; available across a constituent pool of Europe’s 2,000 most liquid stocks. For more detailed information, please click here.
  
  
• Best Execution Analytics
  Fully customisable reports for orders/transactions occurring away from Equiduct, including Best Execution comparative analysis and TCA.
  
  
• Monthly Best Execution Report
  For customers using the PartnerEx and SpotVBBO services, reports documenting and proving Best Execution on a trade-by-trade basis.
  
  

Clearing and Settlement

Where possible, Equiduct leverages the established home market post-trade environment that allows:

• No new membership costs,
• No new operational costs,
• Reduced set-up time,
• Same clearing fee as the Home Market.

As a pan-European trading platform, Equiduct is connected to several European Clearing Houses. These CCPs are:

• LCH Clearnet SA - Mandatory non-interoperable CCP for all instruments traded on Euronext.
• LCH Clearnet Ltd - Interoperable CCP for UK, Italian, German, Swiss and Nordic instruments
• SIX x-Clear - Interoperable CCP for UK, Italian, German, Swiss and Nordic instruments and all securities traded on Euronext.
• EuroCCP NV - Interoperable CCP for UK, Italian, German, Spanish, Swiss and Nordic instruments and all securities traded on Euronext.

Equiduct offers a fully interoperable CCP solution across all boards with the exception of the Euronext segment where a preferred CCP model is in place. To trade on the Euronext segment access to LCH SA is mandatory and members may choose an additional preferred interoperable CCP to be used whenever possible.

For more detailed information on Equiduct, please visit www.equiduct.com.