IDEM

IDEM

IDEM overview

TT provides access to the Borsa Italiana (IDEM) market via the London Stock Exchange (LSE). LSE merged with Borsa Italiana in 2007 to create the LSEG (London Stock Exchange Group). Access to IDEM requires pre-approval from LSE prior to enabling the IDEM market on TT.

Matching and Clearing

IDEM trades via LSE are matched on UnaVista, which is located in London and is the London Stock Exchange Group's global hosted platform for all matching, validation, and reconciliation needs. LSE matches orders by price/time priority (FIFO) matching algorithms. Executed trades at LSE are cleared at LCH.

Supported IDEM Products

TT supports products available at the Borsa Italiana (IDEM and IDEX) derivatives markets.

Supported IDEM Functionality

TT supports the following:

  • Change and cancel/replace order actions (position in queue is not maintained)
  • The number of orders at each level of aggregated depth
  • Implied prices
  • Threshold Prices
  • Circuit breaker
  • “While Connected” order type (only for Day orders if Cancel on Disconnect is enabled)
  • Cancel on Disconnect

Unsupported IDEM Functionality

TT currently does not support the following:

  • Wholesale orders: Cross Orders (trades within the same membership) and Committed Orders (trades between different memberships)
  • Bulk Quotes
  • Request for Quote (RFQ)
  • Flexible Combination (FLEXCO) strategies

Cancel on Disconnect

TT supports the exchange's Cancel on Disconnect functionality per connection using the Cancel Orders on Disconnect setting. TT supports while-connected Day orders if the TT connection is enabled for Cancel on Disconnect. Refer to Adding an IDEM Connection for more details.

Connectivity options

The TT® platform supports connectivity to the exchange, so you do not have to contact the exchange regarding connectivity options.