Specialist
The Specialists show trading proposals, quotes, buy or sell side, on the financial instruments for which they have submitted a specific request. The Quotes are not anonymous trading proposals.
Order Flow Provider
Order Flow Providers send orders from their clients (third-party/client orders) who participate in the composition of the trading book.
The Orders can be placed within the start and end times of the Continuous Trading Phase specific of each financial instrument (within the maximum extension from 8.00 am to 11.00 pm) according to the following ways:
- at limited price: equal or better than its own limit price;
- market-to-limit: i.e. executable at any price within the price of the Specialist.
Orders can be specified with the following execution methods:
- Execute and cancel: the Order is executed, even partially, for the available quantities and at the indicated price or at the best price on the opposite side of the market if the Order is without price limit; any remaining balance is automatically cancelled;
- Good till cancel: the Order is executed, even partially, for the available quantities at the price specified ; any remaining balance is kept on the book until its complete execution, i.e. until the end of the trading hours of the session and/or until revoked by the Order Flow Provider. Any remaining balance of an Order placed without price limit remains on the book assuming the price of the last contract closed;
- Good till hour: the order is executed, even partially, for the available quantities and at the price stated; any remaining quantity remains on the book until it has been executed fully, i.e. for a period not exceeding the time indicated within the same trading session and/or until revoked by the person who entered the order;
- Fill or kill: the Order is executed only for the entire quantity indicated at the time of placement at the price conditions specified; if this is not possible, the proposal is automatically cancelled.
Securities
- Covered Warrant plain vanilla
These are options that give the bearer the right to earn at the exercise date, in the case of a CW Call, the difference - if positive - between the value of the underlying asset and the strike (vice versa for CW put);
- Covered Warrant structured/exotic
These are financial instruments that combine two or more plain vanilla call and/or put options or exotic options;
- Leverage certificates
These are certificates that replicate the performance of the underlying asset with a leverage effect; this category also includes fixed leverage certificates (which replicate the performance of the underlying asset with a constant leverage effect);
- Investment certificates
These are instruments that linearly replicate the performance of the underlying asset or incorporate a particular investment strategy.
Trading procedures
The Hi-Cert Segment market model enables Specialists to activate a mechanism of Quote validation (known as “Request for Execution” or “RFE”), hence the matching against a Quote can take place, on the basis of a specific choice made by the Specialist, according to the methods indicated below:
- the matching of Third-Party Account Orders with Third Party Account Orders
- the matching of Own Account Orders/Quote with Third Party Account Orders
The matching of proposals can only take place while Specialist Quotes are being live on the trading book.
The pairing with Quotes can take place, on the basis of a specific choice made by the Specialist, according to the methods indicated below:
- Matching Order-Driven
Whenever the RFE facility is not active for a Quote, the contract resulting from the crossing between an Order and the bid or offer side of a Quote is immediately executed. Orders and Quotes are ordered in the order book and are executed according to a price-time priority criterion.
- Matching RFE-Driven
Whenever the RFE facility is active for a Quote, in order to allow the Specialist the possibility to validate his Quote, a RFE Phase opens in case a contract is about to be executed between an Order and the bid or offer side of a Quote.