Self Trade Functionality
Trading Participants have the option to request self-trades be suppressed from the clearing and settlement process to avoid clearing and settlement costs for that trade.
To be a qualifying self-trade the following conditions must all be met:
- the orders have the same Participant, Clearing Method and account type (House or Client) (but not necessarily the same port ID)
- that Participant has requested trade suppression for the market segment to which the order relates
Trading Participants must select whether trade suppression is to be activated on a market segment by completing the Self-Trade suppression functionality Form.
When selected from a particular market segment, all qualifying self-trades for that trading participant will be suppressed. This includes trades on the BXE and CXE lit and dark order books.
Impacts for Trading Participants who opt to use this service:
- Qualifying Self Trades will not be included in the CCP or Clearing Provider output.
- Trading Participants will receive a counterparty value of "NONE" in FIX tag 7772 and “N” in the Central Counterparty field in BOE when receiving the Execution report from Bats Europe. The FIX and BOE specifications are available under the Support tab.
- The "BIC CODE" field of the Bats Europe end of day report will be set to "NONE" for suppressed Self Trades.
This product is currently unavailable in the Irish and Spanish market segments.