Equity Enhanced Order Suite

Explore the JSE Equity Enhanced Order Suite

Our Complex Order Suite enables your trading strategies by providing a safe haven to execute large in size orders in a non-visible yet regulated environment. Using these Equity Market enhancements will give you a competitive edge and improve efficiency of filling your large orders and while minimising impact.

Central Order Book Cross Trade enhancement (XT): The Central Order Book Cross functionality provides for the reporting of trades without any impact by market forces. This is an Internal/Single Sided cross where the pre-negotiated trade is entered within a single member firm on the central order book. A trade resulting from the submission of a Cross Order by market participants results only in a Cross Trade (XT) and has no impact to orders. Trades resulting from Cross Orders will only be matched within the visible Best Bid and Offer (BBO).

This functionality is now enhanced, with an option to execute the cross order at midpoint should the price not meet the criteria of being within BBO at the time of order entry. This secondary execution method is optional and will automatically match at the midpoint if elected.
Block Trade (BT): Block Trades will now be simpler, smaller and have a more easily determinable minimum BT trade size. Through a rolling average daily volume assigned to “tier” minimum BT trade size. Through a rolling average daily volume assigned to “tiers” corresponding to a range of traded value, we have eliminated the need to calculate the BT trade size. IN addition to this change, Off Order Book Principal Trades )”OP”) meeting the prescribed minimum size criteria applicable for BTs, will b booked as BT trades going forward (i.e. where a member trades as agent on behalf of or as principle with another member). The OP trade type will be retained, but only for circumstances where the transaction is with a foreign professional market participant and where no minimum value will apply.
Delayed Block Trade: You now have the option to delay the publication of market data for Block Trades. This option allows you to manage risk more effectively and gives you the opportunity to unwind trading risk arising from the Block Trade.
Iceberg Orders: This functionality will enable you to submit orders and only display a small portion of the total order, which will allow you to have your order residing on the central order book without disclosing your full order size.
Pegged Hidden Orders: You can execute large hidden orders and link them to either the best bid, offer or mid-price of the order book. This improves execution at prices relative to the best executable spread of the instrument.

Related Documents

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Explore the JSE Equity Enhanced Order Suite