A convenient way to trade fixed income securities
The Order Book for Fixed Income Securities (OFIS) is an electronic trading service for order book trading of corporate bonds and other debt securities. The different segments and sectors can accommodate retail- or wholesale-denominated securities, with trading available in GBP, USD, EUR and other currencies. OFIS also includes multilateral trading facility (MTF) segments, allowing member firms to trade non-London-listed securities on an MTF managed and supervised by London Stock Exchange. The preferred settlement system is CREST; however, settlement through Euroclear Bank and Clearstream is also available.
- The market model introduced by London Stock Exchange at the launch of OFIS means investors are able to see prices on-screen and click-and-trade, taking advantage of market makers’ executable quotes. OFIS was launched to offer investors a fully transparent trading service that is fully compliant with MiFID regulations.
- OFIS is also a platform for primary market issuance. On 13 November 2014 Societe Generale listed a new collateralised note, the first dedicated issue on OFIS.
Securities available on OFIS
- UK-listed debt securities listed under the Prospectus Directive and admitted to a regulated market (London Stock Exchange’s Main Market)
- Debt securities listed on other EEA-regulated markets (under the Prospectus Directive)
- Debt securities not subject to the Prospectus Directive and admitted to the Professional Securities Market (PSM segment).
OFIS segmentation
OFIS offers trading for London-listed debt instruments admitted to the regulated market, with separate sectors for retail and wholesale denominations. OFIS also offers an exchange-regulated segment for international debt (MTF), which allows trading of debt listed on other EEA exchanges. This segment also offers two separate sectors for retail and wholesale denominations. Lastly, professional debt listed on the Professional Securities Market (PSM) can also be traded on OFIS on an exchange-regulated segment.
| Segment Code | Segment Description | Sector Code | Sector Description |
|---|---|---|---|
| RCNT |
EU regulated market Securities are listed on London Stock Exchange’s Main Market Securities appear on UKLA’s official list |
CRDQ | Denomination equal to or below 10,000 |
| CWDQ | Denomination above 10,000 | ||
| EXCQ |
Exchange regulated (MTF) Securities are listed on other EEA exchanges Securities do not appear on UKLA’s official list |
INRQ | Denomination equal to or below 10,000 |
| INWQ | Denomination above 10,000 | ||
| EXPQ |
Exchange regulated market Securities are listed on London Stock Exchange’s Professional Securities Market (PSM) Securities appear on UKLA’s official list Outside Prospectus Directive |
PDCQ | Order book trading |
Market micro structure
- Order-driven market (with presence of committed market makers)
- Market makers’ quotes are executable (obligations in terms of quoting sizes and maximum spreads)
- Opening auction, continuous trading (08:00–16:30), closing auction.
- Retail-denominated securities – normally 1,000 £/$/€
- Wholesale-denominated securities – normally 100,000 £/$/€.
Explore
Find out about the recent insights and reports
Fixed Income Pulse: LIBOR Transition - Update for Issuers and Market Participants
Regulators have made the need to transition away from the use of £-LIBOR as a benchmark clear Market participants with exposure to £-LIBOR must now be preparing comprehensive transition strategies to be ready for the phasing out of £-LIBOR LSEG remains committed to supporting our clients through this transition and offers a suite of products designed to assist market participants in their t
London Stock Exchange establishes the Sustainable Bond Market Advisory Group
London Stock Exchange announces the establishment of the Sustainable Bond Market Advisory Group Advisory Group will act as a consultative body for London Stock Exchange on developments in sustainable finance Follows the recent expansion of London Stock Exchange’s sustainable finance offering including new companies eligible for Green Economy Mark and the launch of sustainability
Debt Capital Markets Update Q2 2020
We are pleased to share LSEG’s Quarterly Debt Capital Markets (DCM) update for Q2 2020. The update provides a review of global DCM activity and key highlights from London Stock Exchange, including how our markets are reacting to the impact of the Coronavirus (COVID-19) pandemic and how we can support your
Fixed Income Pulse: Newly enhanced londonstockexchange.com site
Maximise your visibility on the newly enhanced londonstockexchange.com site
London Stock Exchange’s website has been enhanced to give it a fresh look and feel and to deliver a better user experience. We’ve created a new personal investing section and implemented enhanced data and search with dynamically updated market data pages, heatmaps and powerful price and instrument search filte