TRADITION SEF PLATFORM SUPPLEMENT 3

StreamGlobal – CREDIT DEFAULT SWAP TRADING PLATFORM

(“StreamGlobal Platform”)

This StreamGlobal Credit Default Swap Trading Platform Supplement to the Tradition SEF Rulebook

(the “Rulebook”) sets forth additional terms and conditions which shall apply exclusively to 

participation in and trading on the StreamGlobal Platform and such terms and conditions are 

incorporated by reference into the Rulebook.

April 16June 15, 2018
Contents

Page

Chapter 1 - General Provisions

Rule S3-101. Definitions and Interpretation 1

Rule S3-102. Application 2

Rule S3-103. Amendments 2

Rule S3-104. The StreamGlobal Platform 2

Chapter 2 - Participation In the StreamGlobal Platform

Rule S3-201. Application Procedure 4

Rule S3-202. Eligibility 4

Rule S3-203. Participants Obligations 4

Rule S3-204. Access to the System 4

Chapter 3 – Products Traded on the StreamGlobal Platform

Rule S3-301. Eligible Products 5

Chapter 4 - Trading Rules

Rule S3-401. Trading Days, Orders and Order Book 6

Rule S3-402. Crossing of Pre-Arranged Customer Orders 6

Rule S3-403. Error Trades 6

Rule S3-404. System-Related Error Trades 6

Rule S3-405. Suspension of Trading 8

Rule S3-406. Market Surveillance & Operations 8

Rule S3-407 Risk Controls

Rule S3-408 No Cancellation Ranges and Reasonability Limits 8

Rule S3-409 Orders 9

Rule S3-410 Order Types 10

Rule S3-411 Trading Hours 11

APPENDIX 1 - FINANCIAL PRODUCTS TRADEABLE ON THE STREAMGLOBAL PLATFORM 13

APPENDIX 2 - MID PRICE MATCH 13
1

CHAPTER 1 - GENERAL PROVISIONS

Rule S3-101. Definitions and Interpretation

In addition to the definitions set forth in the Rulebook in these rules, the following terms shall have the 

meanings set forth below. When used herein, the term Participant refers only to a Participant who has 

been granted Trading Privileges on the StreamGlobal Platform by Tradition SEF, and the terms 

Customer, Broker Firm Participant, Authorized Trader and Authorized Broker refer only to such 

Persons who have been granted access to the StreamGlobal Platform.

Financial Products means the financial instruments admitted to trading on the 

StreamGlobal Platform, as may be amended from time to time,

and as described in Appendix 1 to this StreamGlobal Platform 

Supplement.

Mid-Price Match means the functionality on the Platform providing a continuous 

order matching facility at a mid-price to be determined by 

Tradition SEF in accordance with this StreamGlobal Platform 

Supplement, during which time Participants may submit orders to 

be matched against other orders at the mid-price matching price, 

but provided that ongoing market data dissemination shall not be 

made in respect of submitted orders, unless and until such order 

is matched with another order submitted for mid-price match.

StreamGlobal 

Platform

StreamGlobal 

Platform User 

Agreement

means the StreamGlobal Platform market operated by Tradition 

SEF.

means the StreamGlobal Platform User Agreement governing 

access by Participants to the StreamGlobal Platform.

System means the StreamGlobal electronic trading system operated and 

governed by Tradition SEF for the purpose of the StreamGlobal 

Platform (the “System”).

Trading Day means the dates and times described in Rule S3-411 of this 

StreamGlobal Platform Supplement.

Transaction means a matched Swap transaction in one of the Financial 

Products.

References to statutes, statutory instruments, rules of a regulatory authority or provisions thereof shall 

be construed as references to any of the foregoing as they may be amended, extended varied or 

replaced from time to time.

Unless the context otherwise requires, words denoting the singular shall include the plural and vice 

versa.
2

Rule S3-102. Application

This StreamGlobal Platform Supplement, in conjunction with the StreamGlobal Platform User 

Agreement and Tradition SEF Rulebook, set out the terms and conditions which shall apply to 

participation in and trading on the StreamGlobal Platform for all Participants and Customers in 

order to ensure orderly operation of the relevant market(s) operated by Tradition SEF. For 

the avoidance of doubt, any Rule contained in this StreamGlobal Platform Supplement, to the 

extent that there is any conflict, shall take precedence over similar Rules in the Rulebook 

when associated with business conducted on the StreamGlobal Platform.

The StreamGlobal Platform enables Participants or Customers to participate in trading 

Financial Products by means of the System.

Rule S3-103. Amendments 

Tradition SEF has the right to amend, extend, vary or supplement the StreamGlobal Platform 

Supplement from time to time to the extent necessary or desirable in light of prevailing market 

conditions.

Participants or Customers shall be notified of any changes at least ten (10) Business Days 

prior to the effective date thereof, unless a short-term action of Tradition SEF becomes 

necessary due to particular market conditions.

Any amendments, modifications, extensions or variations to this StreamGlobal Platform 

Supplement shall be notified to Participants or Customers’ Authorized Traders by way of a 

Participant Notice issued by Tradition SEF.

Rule S3-104. The StreamGlobal Platform

Order Entry

(a) Orders

An Order may be submitted to the StreamGlobal Platform by a Participant, a 

Customer authorized by a Participant, or a Broker Firm Participant that is authorized 

by a Participant or Customer to act on their behalf. Such Orders may be submitted to 

the StreamGlobal Platform either directly through manual interaction with a Platform 

GUI or via communication with a SEF Execution Specialist by such means as voice, 

IM, or email.

(b) Electronic Work-Up

(i) At the point of execution of a Transaction on the StreamGlobal Platform,

either of the Participants or Customers who are counterparties to the 

Transaction can request a work-up of the Transaction. A “private phase” 

work-up accessible only to the counterparties to the trade will be available for

a brief period of time as determined by Tradition SEF, generally lasting 

between 5 to10 seconds. 

(ii) Should one Participant or Customer request a work-up, the opposing 

Participant or Customer to the original Transaction will be given priority in the 

private phase work-up process on the basis that no existing Order in the 

Order Book presently meets the execution price of the original Transaction.

(iii) Should the opposing Participant or Customer decline the opportunity to 

participate in the workup process, and a workup request is still active by one 
3

of the Participants or Customers, the offer of a public phase workup which will 

run for 30 seconds will be extended to all other Participants or Customers on 

the StreamGlobal Platform.

(iv) Should no Participant or Customer on the StreamGlobal Platform accept the 

offer of workup, the workup process at that point shall be terminated.

(c) Subject to this StreamGlobal Platform Supplement and as set out in associated 

Appendices contained herein and other relevant provisions of the Rules in the 

Rulebook, the System will display all prices and automatically selects the best price in 

terms of highest bid and lowest offer prices and if there are two identical bid or offer 

prices then priority will strictly be given to the earlier price submitted to the System. A 

price is valid until deleted either by the Participant or Customer who submits it or a 

Broker Firm Participant who is registered with Tradition SEF and is authorized by a 

Participant or Customer to act on their behalf or the System at the end of the Trading 

Day. 

(d) Confirmations

Parties to transactions in Financial Products shall remain anonymous prior to the 

matching of a Trade. Tradition SEF shall promptly, following matching of a Trade on 

the StreamGlobal Platform, provide each Participant or Customer who is a party to 

such Trade with electronic confirmations containing all relevant information on that 

Trade.

(e) Pre-trade Credit Checks

Transactions on the StreamGlobal platform will be subject to risk and credit checks in 

accordance with Rule S3-407 - Risk Controls and Market Integrity.

(f) Clearing

Transactions on the Platform will be electronically transmitted to clearing via straight 

through processing upon execution. 
4

CHAPTER 2 - Participation In the StreamGlobal Platform

Rule S3-201. Application Procedure

In addition to the Participant application process set forth in Rules 302, 303 and 304 of the Rulebook, 

Participants or Customers with Direct Customer Access are required to execute a StreamGlobal 

Platform User Agreement.

Rule S3-202. Eligibility

In addition to the Participant criteria requirements set forth in Rules 302, 303 and 304 of the 

Rulebook, an applicant to participate on the StreamGlobal Platform must have technical and 

organizational facilities sufficient (in the opinion of Tradition SEF) for the orderly settlement of product 

Transactions to be assured and must meet the technical requirements for connection to the 

StreamGlobal Platform. Tradition SEF must be satisfied that the applicant has or will have sufficiently 

completed any necessary connectivity, technical on-boarding and/or conformance testing prior to 

conducting business on the StreamGlobal Platform. 

Rule S3-203. Participant and Customer Obligations

As set forth in Chapter 4 of the Rulebook. 

Rule S3-204. Access to the System

As set forth in Chapter 3 of the Rulebook.
5

CHAPTER 3 – PRODUCTS TRADED ON THE STREAMGLOBAL PLATFORM

Rule S3-301. Eligible Products 

Tradition SEF shall determine, as may be updated from time to time, which Financial 

Products shall be permitted to be traded on the StreamGlobal Platform and the protocols for 

Transactions to be entered. Full details of such Products are described in Appendix B to the 

Tradition SEF Rulebook – Credit Product Listing on the Tradition SEF website at:

http://www.traditionsef.com/assets/regulatory/rulebooks/Rulebook-Appendix-B-to-TraditionSEF-Rulebook-Credit-Product-Listing-082415.pdf.
6

CHAPTER 4 - TRADING RULES

Rule S3-401. Trading Days, Orders and Order Book

Details of Trading Days, Orders and Order Book mechanics and specifications for each Financial 

Product tradable on the StreamGlobal Platform can be found in the applicable Financial Product 

Appendix.

Rule S3-402. Crossing of Pre-Arranged Customer Orders

In connection with an Order for a Financial Product, which is deemed to be a Required Transaction as 

defined by the CFTC, an Authorized Trader who seeks to execute against its Customer’s Order, or an 

Authorized Trader or Authorized Broker acting on behalf of a Participant or Customer seeks to 

execute two of its Customer’s Orders against each other through the Order Book, following some form 

of pre-arrangement or pre-negotiation of such orders, must first enter the first party’s Order, allow 

such Order to be exposed to the market for a minimum of 15 seconds prior to entering the 

prearranged opposing Order, or for a period of time set forth in this StreamGlobal Platform 

Supplement or the Rulebook from time to time. During the exposure period, all Participants and 

Customers with access to the StreamGlobal Platform may transact on the first party’s Order.

Rule S3-403. Error Trades

Product Transactions effected through the StreamGlobal Platform on behalf of a Participant or 

Customer by their Authorized Trader, or by their Broker Firm Participant’s Authorized Broker, or by a 

Tradition SEF Execution Specialist, shall be binding on such Participant or Customer subject to Rule

538 of the Tradition SEF Rulebook.

Notwithstanding the foregoing, Tradition SEF may cancel a Transaction in accordance with the policy 

set out in Rule S3-404.

Rule S3-404. System-Related Error Trades

1. Tradition SEF may unilaterally cancel a Transaction where such transaction constitutes a 

"System-Related Error Trade".

2. For the purpose of this Rule S3-404, a System-Related Error Trade shall occur where, due to 

a malfunction of the StreamGlobal Platform, a Transaction is entered into:

(a) in the name of a Participant or Customer without the knowledge or authority of such a 

Participant or Customer;

(b) by a Participant's or Customer’s Authorized Trader, or by their Broker Firm 

Participant’s Authorized Broker, after a notification to disable such Authorized 

Trader’s or Authorized Broker’s access to the System has been received by Tradition 

SEF in accordance with the applicable procedures set forth in the StreamGlobal

Platform User Agreement; or

(c) which is manifestly erroneous.

3. In the event that Tradition SEF becomes aware of a System-Related Error Trade or is notified 

by a Participant or Customer’s Authorized Trader, Authorized Broker or a party’s compliance 

representative of a System-Related Error Trade in accordance with this Rule S3-404 and has 

determined to cancel a Transaction pursuant to this Rule S3-404, Tradition SEF shall issue a 

notice to all affected Participants or Customers’ Authorized Traders specifying the 

Transaction details and timestamps (a “System-Related Error Trade Cancellation Notice”). 
7

In order for the procedures in this Rule S3-404 to apply, Tradition SEF shall issue a SystemRelated Error Trade Cancellation Notice as soon as practicable following the System-Related 

Error Trade coming to its attention and, no later than two (2) hours before the end of the 

operating times for the applicable Clearing House (as may set forth in the rules and 

procedures of such Clearing House) on the Trading Day on which the System-Related Error 

Trade is alleged to have occurred.

4. Any notification relating to a System-Related Error Trade shall be made by a Participant, 

Customer’s Authorized Trader, Authorized Representative or a party’s compliance 

representative to Tradition SEF at least 30 minutes before the cut-off time for Tradition SEF to 

send the System-Related Error Trade Cancellation Notice as set out in paragraph (3):

(d) by email to the Tradition SEF dedicated cancellation email address at 

trading.operations@tradition-na.com with a copy to 

trading.operations@tradition.com or, where communicated by phone, then 

confirmed by email promptly (and in any event no later than ten (10) minutes after the 

end of such phone communication); and

(e) all communications must be from one of the individuals listed in this Section 4.

5. All notifications from a Participant, Customer’s Authorized Trader, Authorized Representative 

or a party’s compliance representative (each a “Submitter”) relating to a System-Related Error 

Trade must contain:

(i) Submitter’s primary contact details (name and direct line);

(ii) all specific details of the Trade(s);

(iii) timestamps for each Trade; and

(iv) Submitter’s reason for considering the Trade to be a System-Related Error 

Trade.

6. Within thirty (30) minutes after receiving a System-Related Error Trade Cancellation Notice 

issued by Tradition SEF, the Participants or Customers’ Authorized Traders to the relevant 

Transaction may, jointly, agree, with the consent of Tradition SEF, that the Transaction does 

not constitute a System-Related Error Trade and should be considered a good trade (a 

“Good Trade”). Such Good Trades shall not be cancelled, however; all System-Related Error 

Trades that are not deemed Good Trades shall be cancelled by Tradition SEF in accordance 

with this Rule S3-404.

7. Where a System-Related Error Trade is to be cancelled, then Tradition SEF shall notify the 

counterparty(ies) of the cancellation of the Trade, the Trade shall be cancelled and a 

cancellation notice sent out to all Participants or Customers’ Authorized Traders in respect of 

each such cancelled Trade. 

8. No handling charge will be payable in respect of a cancellation caused by a System-Related 

Error Trade.

9. If there is insufficient time in the Trading Day for any of the provisions of this Rule S3-404 to 

be carried out, Tradition SEF and the relevant Participants or Customers shall use all 

reasonable endeavors (including within and in accordance with the rules of the applicable 

Clearing House) to ensure that such procedures are completed prior to the commencement of 

trading on the next Trading Day or, if this is not possible, as soon as practicable after 
8

commencement of trading on the next Trading Day after the Trading Day on which the error 

event occurred.

Rule S3-405. Suspension of Trading

1. Tradition SEF may at any time suspend trading in whole or in respect of one or more 

Financial Product types, if it in its discretion considers such action necessary having regard to 

market conditions. Tradition SEF shall revoke the suspension of trading in whole or in respect 

of one or more Financial Product types if, in its opinion, the reason for such suspension has 

ceased to exist.

2. The decision of Tradition SEF regarding the suspension of trading of a Financial Product type 

is generally made after the end of the main trading phase and shall be made public to all 

Participants or Customers by electronic means prior to the commencement of the following 

Trading Day. 

3. If trading in specific Financial Product types is suspended in whole or in part, no new orders 

or prices may be entered in respect of such Financial Product type for the duration of the 

suspension. Tradition SEF may, in the event of a suspension of trading, issue different 

instructions on a case-by-case basis.

Rule S3-406. Market Surveillance & Operations

1. Tradition SEF shall perform surveillance pursuant to the Rulebook and the Tradition SEF 

Compliance and Surveillance Manual.

2. Tradition SEF shall enforce compliance with these Rules and may take all measures 

necessary to ensure orderly trading and the smooth operation of the System.

3. In order to ensure orderly System functionality, the commencement of trading may, at the 

order of Tradition SEF, be postponed for the entire System or trading hours may be extended 

or shortened accordingly.

4. In the event of technical problems, Tradition SEF may, for individual or all Participants or 

Customers, temporarily suspend access to or trading in the System.

5. In the event of measures being taken which materially affect the operation of the System, the 

Participants or Customers affected thereby shall, to the extent possible, be promptly notified 

via the System or, in the case of a system failure, by other suitable electronic means.

6. If participation in trading on the StreamGlobal Platform is not possible to individual 

Participants or Customers due to individual technical disruptions, the System shall continue to 

be available to other trading Participants or Customers.

Rule S3-407 Risk Controls and Market Integrity

The StreamGlobal Platform maintains the following risk control mechanisms to maintain 

market integrity and prevent and reduce the potential risk of market disruptions: 

Risk and Credit 

Controls Description

House Limit / 

Pre-order credit 

check

Hard limit set by Tradition to a value defined by a client. Once 

reached no further orders will be accepted by the system. 

Replicated 

orders

Restricts a trader to one buy and one sell order per instrument at 

any given time.
9

Fat Finger rule

Hard rule set on a notional basis by Tradition to a value defined by 

the client. Once reached, client is alerted with a warning and the 

System prevents the client from submitting the price. 

Self-Trading Client is blocked from trading with himself or with anyone else in 

his organization. 

Kill Switch

A control toggle allowing the Platform to disable all trading activity 

for a Participant or Customer or Broker Firm Participant on behalf 

of Customer, when such limits set for that Participant are 

exceeded. This will not affect Transactions entered into prior to 

activation of the Kill Switch.

Rule S3-408 No Cancellation Ranges and Reasonability Limits 

(a) Order and transaction prices on the Platform must be reasonable in relation to market prices. 

Transactions on the Platform will be deemed reasonable and not cancellable within a 

specified range of an anchor price. The anchor price at any given time will be the average of 

the mid-prices recorded in StreamGlobal for the previous minute immediately prior to the 

transaction in question for the Product in question. Tradition SEF will apply the formulas in 

S3-408(c) and S3-408(d) to create ranges around the anchor price. Transactions at prices 

falling within the reasonability range will be deemed binding and not cancellable. Transactions 

at prices outside of the reasonability range may be deemed to be an error and may be subject 

to cancellation at the discretion of the Market Regulation Department, which will review such 

transactions and make a determination based on the relationship of the transaction price to 

the reasonability range and market conditions at the time of the transaction.

(b) Tradition SEF’s Market Regulation department has the authority to expand the no cancellation 

and reasonability limits levels on any Contract to two (2) times the levels described above in 

volatile market conditions without prior notice. 

(c) No Cancellation Ranges

Products Quoted in Basis Points

> 0 bps 

<= 5 bps 

>5 bps

<=10 bps 

> 10 

bps 

<=25 

bps 

> 25 

bps 

<=50 

bps 

> 50 

bps 

<=100 

bps 

> 100 

bps 

<=150 

bps 

> 150 bps

<=200bps 

> 200bps

<=499bps 

>500 

bps 

1.40% 1.36% 1.30% 1.00% 0.70% 0.60% 0.56% 0.50% 0.50% 

All Products Quoted in Price

> 0 

<= 5 

>5 

<=10 

> 10 

<=25 

> 25 

<=50 

> 50 

<=100 

> 100 

<=150 

> 150 

<=200 

> 200

<=499 

>500 

0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 

(d) Reasonability Limits

All 

Products 

Quoted 

In Basis 

Points> 

0 bps 

<= 5 bps 

>5 bps

<=10 bps 

> 10 

bps 

<=25 

bps 

> 25 

bps 

<=50 

bps 

> 50 

bps 

<=100 

bps 

> 100 

bps 

<=150 

bps 

> 150 bps

<=200bps 

> 200bps

<=499bps 

>500 

bps 
10

4% 4% 4% 4% 4% 4% 4% 4% 4% 

All Products Quoted in Price

> 0 

<= 5 

>5 

<=10 

> 10 

<=25 

> 25 

<=50 

> 50 

<=100 

> 100 

<=150 

> 150 

<=200 

> 200

<=499 

>500 

1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 

Rule S3-409. Orders

(a) Prices can be input for the products listed in paragraph Appendix 1 and shall remain 

valid, until changed or cancelled by the Participant or Customer. Orders entered in 

the System and not matched will be automatically cancelled at the end of the Trading 

Day.

(b) Order Types and Price Conditions

(i) Limit: The order will be executed at a price that is no worse than that 

specified by the Participant or Customer.

(c) Time In Force

(i) Day: The order will be valid during the current normal trading session only.

(ii) OCO: One Cancels Other – is a pair or number of Orders stipulating that if 

one of the Orders is executed, the other Order(s) is automatically cancelled. 

OCO orders are only accepted by StreamGlobal for Orders on the same side 

of the market; e.g. OCO Bid Orders or OCO Offer Orders. Unexecuted OCO 

Orders will be cancelled at the end of the Trading Day on which it was 

submitted.

(iii) GTT: Good Till Topped – The Order will participate in all normal trading 

sessions as long as the Order is top of book. Once a better order is entered 

into the Order Book, the GTT Order is cancelled. Unexecuted GTT Orders will 

be cancelled at the end of the Trading Day on which it was submitted.

(iv) AON: All or None – An AON Order is an Order to buy or sell that must be 

executed in its entirety, or not executed at all. AON Orders that cannot be 

executed immediately remain active until they are executed or cancelled.

Unexecuted AON Orders will be cancelled at the end of the Trading Day on 

which it was submitted.

(d) Internal “self-trading” (i.e. matching bids and offers from the same Participant or 

Customer) is disabled on the System by default. The System will not permit matching 

of Orders from the same user.

(e) Default/Minimum Sizes for CDX Swaps in for the StreamGlobal Platform will be set by 

Tradition SEF from time to time and notice of such changes will be provided to 

Participants and Customers prior to the effectiveness of any such change.:

Index IG (BIG BOX): 

Default Size $100mm
11

Minimum Size $100mm

Increments of $25mm

Index HY (BIG BOX): 

Default Size $25mm

Minimum Size $25mm

Increments of $5mm

Index IG: 

Default Size $50mm

Minimum Size $25mm

Increments of $25mm

Index HY: 

Default Size $10mm

Minimum Size $5mm

Increments of $5mm

Rolls IG:

Default Size $50mm

Minimum Size $25mm 

Increments of $25mm 

Rolls HY:

Default Size $25mm

Minimum Size $10mm 

Increments of 

Rule S3-410. Order Book

The Order Book contains all orders entered in the System by Participants or Customers. The 

Participants or Customers may view in the Order Book all Orders per Transaction. If an Order is 

matched it will be removed from the queue and only live Orders will be shown in the System. Orders 

not matched by the end of the Trading Day will automatically be cancelled and Participants or 

Customers must re-enter their Orders into the System on the next Trading Day.

Rule S3-411. Trading Days and Trading Hours

(a) Trading on the StreamGlobal Platform shall take place on each Trading Day that is a 

Business Day for the Credit Asset Class on Tradition SEF, as described Tradition 

SEF Rule 503 and / or applicable Notices to Participants 

(b) Trading Hours. Trading on the StreamGlobal Platform will be available from Monday 

0630 (AEST/ADST) to Friday 1730 (AEST/ADST) or for such other periods as may be 

determined by Tradition SEF and made known to all Participants or Customer in 

through revisions to SEF Rule 503, this Product Supplement and / or a Notice to 

Participants.
12

APPENDIX 1 - FINANCIAL PRODUCTS TRADEABLE ON THE STREAMGLOBAL PLATFORM

(a) The full list of Credit Default Swap product types available for trading on Tradition 

SEF is available on the Tradition SEF website at: 

http://www.traditionsef.com/assets/regulatory/rulebooks/Rulebook-Appendix-B-toTradition-SEF-Rulebook-Credit-Product-Listing-082415.pdf. Because a Credit 

Default Swap product is available for trading on Tradition SEF does not mean that the 

Product is available on the StreamGlobal Platform. A complete list of product types 

permitted to be traded on the StreamGlobal Platform is available upon request from 

Tradition SEF. Such products include, but are not limited to the following:

(i) Asset Class – CD: CDX IG Index, CDX HY Index, 

APPENDIX 2 - MID-PRICE MATCH

(b) Continuous Mid-Price Match – Timing, Characteristics and Process Mid-Price Match

functionality is available on the StreamGlobal Platform on a continuous basis 

throughout a Trading Day. A Mid-Price Match shall be:

(i) at the mid- price displayed by Tradition SEF for applicable Products on the 

Platform at any time during the Trading Day; and 

(ii) with a minimum quantity as specified by Tradition SEF. 

(c) Tradition SEF shall establish the mid- price for matching by reference to the midmarket price on the StreamGlobal Platform for a product by reference to the 

StreamGlobal Curve, or by reference to some other benchmark level such as 

executable or indicative bids or offers or historical prices on the StreamGlobal 

Platform, reference to Bloomberg or other publicly available sources. For on-the-run 

swaps, the mid-price may be determined by reference to the reference price feed 

from Bloomberg page CBBT. The CBBT mid-price can be over-ridden at the 

discretion of the SEF and displayed for one-minute subject to an Order being entered 

at the over-ride price to enable Participants and Customers to enter orders into the 

Match to buy or sell at that price. Transactions resulting from a Match may be opened 

up to electronic work-up pursuant to Rule S3-104(b). 

(d) At any time Tradition SEF may, by notifying all Participants and Customers on the 

StreamGlobal Platform, terminate the mid-price Match process, whereupon all 

unmatched Orders residing in the Platform shall be immediately cancelled. For the 

avoidance of doubt, Orders matched prior to the termination of the Match will not be 

affected.

Mid-Price Match – product types

All product types eligible for trading on the StreamGlobal Platform (as described in 

any Appendix to the StreamGlobal Platform Supplement, as may be amended in 

accordance with this StreamGlobal Platform Supplement from time to time) shall be 

eligible to be the subject of a Mid-Price Match hereunder.

Mid-Price Match - Orders

Mid-Price Match functionality provides the ability for Participants and Customers to

enter new Orders, amend existing Orders, or cancel Orders. Tradition SEF, in 

response to changing market conditions, may adjust the mid-price continuously 
13

throughout the Trading Day, thereby shifting the displayed mid-price to another price. 

Upon such an adjustment to a new price, existing orders on the old price will be 

cancelled. Participants and Customers may enter new Orders at the adjusted midprice. Orders matched prior to an adjustment to the mid-price will not be affected. 

Orders cannot be amended such that the minimum quantity requirement would no 

longer be met. Orders shall contain the following information: (a) an instruction to buy 

or sell; (b) price, and (c) notional value. Orders not matched in a Mid-Price Match will 

be cancelled. Orders not matched by the end of the Trading Day will be cancelled.

Mid- Price Match – Order Book

(a) The Mid-Price Match Order Book contains all Orders entered into the Platform for 

mid-price matching by the Participants or Customers. Match participants are 

prevented from seeing details of interests building in the Order Book prior to the 

initiation of the price-matching function of the Match or during the Match itself. 

Interest in initiating a Match is indicated by the mid-price in the Order Book changing 

to a different color than mid-prices on the Order Book that do not have Match 

interests. The Match Order Book acts as a matching engine for Orders inputted 

during the Match, matching strictly on a “First In First Out” time priority basis. If an

Order is filled fully or partially, the filled portion of the Match Order will be removed 

from the Match Order Book. Pursuant to Rule 412 of the Rulebook, when the 

Platform matches Orders, a Confirmation will be sent immediately from the Platform 

to each counterparty to the Transaction.

(b) Internal “self-trading” (i.e. matching Match bids and offers from the same Participant) 

is disabled on the Match by default. The Match will not permit matching of Orders 

from the same user.