UK and Irish Markets
Cross Order Book Netting
Since 30th April 2012, Bats Europe has continued to operate the B and N Trade System of Origin (TSO) codes for the respective BXE and CXE order books. However since this date, Participants now have the option to either net UK settlement obligations from the BXE and CXE order books into one instruction within Euroclear UK and Ireland (through the B TSO), or continue to keep their settlements segregated as was previously the case. Cross order book netting is subject to Trading Participants having the respective UK and Irish intermediary relief on both TSO codes.
Participants wishing to net across order books should request this static data change from the appropriate CCP through their Clearing Participant.