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Our Secondary Markets Expert Group contributed to our response to the London Stock Exchange's consultation on the market structure for the introduction of an intra-day auction for SETS Equities and IOB. We supported that this proposal could have a significant impact on small and mid-size quoted companies, whose shares are usually order book traded and less liquid securities, and should therefore be reconsidered. We believe that the added value of this measure should be thoroughly assessed prior to a wide scale roll-out, as a wholesale implementation could be difficult and problematic to reverse. Furthermore, we supported that it would be preferable to first implement the changes proposed in the LSE’s consultation on the market structure for the trading of smaller equity securities outside of the FTSE 350 Index and then consider whether intra-day auctions are required.

Click here to download the response (pdf)

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