SERVICE AND TECHNICAL DESCRIPTION Hidden （服务和技术描述隐藏起来）.pdfVIP

S E R V I C E A N D T E C H N I C A L D E S C R I P T I O N Hidden Limit Orders, Hidden Pegged Orders and Minimum Execution Size Important note This Service and Technical Description sets out the current position regarding the provision of hidden limit orders, hidden pegged orders and Minimum Execution Size by the London Stock Exchange, (the “Exchange”). This is a development project and could be subject to change. This document has been produced by the Exchange to assist customers. While it has been prepared on the basis of the best information available, the Exchange accepts no liability for decisions taken, or systems work carried out by any party, based on this document. This document does not form part of the Trading Services contractual documentation between the Exchange and its respective customers. If you have any general queries relating to this document, please email the Client Technology Group on: ctgroup@ Further copies of this document can also be downloaded from the Exchange’s website at 2 SERVICE AND TECHNICAL DESCRIPTION LONDON STOCK EXCHANGE Contents 1. Introduction 5 1.1 Scope of Changes 5 1.2 Readership 6 1.3 Related Documentation……………………………………………………………………….……6 1.4 Enquiries and Comments 6 2. Project Implementation 7 2.1 Key Milestones ..7 3. Service Overview 8 3.1 Overview of Hidden Orders………………………………………………………….…….……8 3.2 Overview of Hidden Pegged Orders and Minimum Execution Size…….……8 3.3 Large Order Threshold…………………………………………………………….………….……8 3.4 How Pegged Orders Work 10 3.5 Price Calculation…………………………………………………………….………………….….14 3.6 How Minimum Execution Size Works………………………………………………..……14 3.7 Order Types and Validity Types…………………………….……………………….………15 3.8 Changes to the Continuous Trading Execution Algorithm …………….….…16 3.9 Tariff………………………………………………………………………………………………….……21 4. Technical Changes…………………………………………………….………………………..……22 4.1 Hidden