iSwap SEF Application 

Exhibit M-5 – Schedule
iSwap Rulebook Schedule – Table Page 1 of 11 October 2019

Document version: 1.4 Copyright © 2019 iSwap Euro B.V. –

Schedule

1. Order1 Types and Conditions

A Participant may submit any of the following Orders to the iSwap Venue: 

Order Type Description Order Book Targeted Streaming

AON (all or nothing) Order can only be Matched in full Order size. Yes Yes

Broker Anonymous The identity of the Participant submitting the Order is not visible to the Broker 

Participant, as determined by the Authorised Trader. 

Yes No

Display Limit 

Reserve Order

Order can be configured by Authorised Persons to have a portion of the Order visible to 

Participants and a portion of it hidden from Participants. Once the visible portion of the 

Order is Matched, the hidden portion will automatically become visible in the amount of 

the previously visible Order. The position in the queue to be Matched for the hidden 

portion of the Order is below the visible portion of all Orders for a given price point. The 

full Order amount is tradeable against an Order of an equal amount, including immediate 

Orders. Only the visible portion of the Order will imply against other Orders. Also 

referred to as an iceberg Order.

Yes No

Non Display Limit 

Order

Order is not published to Participant in Operator’s market data. The position in the 

queue to be Matched for the Order is behind visible Orders for a given price point. Order 

can imply with other order types to produce visible implied Orders in other Eligible 

Instruments. Also referred to as done if touched Order.

Yes No

Non Display Limit 

Interest

Interest is not published to Participants in Operator’s market data. If the Interest 

matches the level of an Actionable Indication of Interest from a Liquidity Provider that is 

permissioned with that Market User upon match RFS message is sent to Liquidity 

providers with open AIOIs permissioned for the Market User in that instrument. If a

response is at the level of the Interest a trade will occur within the RFS session. 

No Yes – Member 

Participant Market 

Users Only 

 1 Unless indicated otherwise, all references in this Schedule to “Orders” shall be deemed to include references to “Actionable Indications of Interest”
iSwap Rulebook Schedule – Table Page 2 of 11 October 2019

Document version: 1.4 Copyright © 2019 iSwap Euro B.V. –

Managed Orders in an Eligible Instrument of a corresponding size will have the following 

characteristics: 

(i) when an Authorised Trader submits a Managed Order, it will replace any 

existing Managed Order of that Authorised Trader on the iSwap Venue; 

(ii) when an Authorised Trader increases the size of a Managed Order at the 

same price point, the Managed Order will, in the event that there are 

additional Orders on the iSwap Venue, be split into separate visible Orders 

so that the original Order does not lose its position in the queue to be 

Matched and a new Order in respect of the increased size is submitted at 

the bottom of the queue. All such Orders will be treated as a single Order 

for Order management purposes; and 

(iii) when an Authorised Trader submits a Managed Order within the same 

specific time period as an existing Managed Order is Matched, Authorised 

Trader is required to confirm that the submission of a new Managed Order 

is correct before the Managed Order is available to be Matched.

Yes – Member 

Participant only

Yes

Order Type Description Order Book Targeted Streaming

Min Clip Order has a defined minimum Trade size that can result from such order, as set by the 

Authorised Person and will only Match with a single counterparty.

Yes Yes

Min Fill Order has a defined minimum Trade size as set by the Authorised Person but may 

Match with multiple counterparties. 

Yes -

Immediate Orders 

only

Yes -

Immediate Orders 

only

OCO (one cancels 

other orders)

Up to eight Orders can be submitted in an OCO basket. In the event that any one of the 

Orders Matches and results in a Trade, all the remaining Orders in the basket will 

automatically expire. 

In the event that any one of the Orders in the OCO basket matches and results in a partial 

Trade, then the size of each of the remaining Orders in the OCO basket will be reduced 

on a pro-rata basis. Multiple Orders in one side of a single Eligible Instrument on the 

Targeted Streaming Market will be treated as a single Order for OCO purposes.

Yes Yes
iSwap Rulebook Schedule – Table Page 3 of 11 October 2019

Document version: 1.4 Copyright © 2019 iSwap Euro B.V. –

Shared Order can be viewed, amended and cancelled by all Authorised Traders on the same 

Desk. When a Shared Order is amended by an Authorised Trader on a Desk, the Shared 

Order will display as attributable to the Authorised Trader that actioned the amendment 

and any resulting Trade will be allocated to such Authorised Trader. Shared Orders that 

are also Managed Orders can be referred or withdrawn by Authorised Traders on the 

same Desk. 

Yes – Member 

Participant only

Yes

VWAP Order has an average price which can be filled across multiple individual Trades and price 

points. Orders will Match at the available size until the average price is achieved but not 

exceeded.

Yes -Immediate 

Orders only

Yes -Immediate 

Orders only

Cloned – Market 

User 

An Order Book Order whose attributes are copied into the Targeted Streaming Market 

as a separate Non Display Limit Interest, submitted by an Authorised Trader, that is also 

a Market User. Cloned Orders between the Order Book and the Targeted Streaming 

Market match on a one cancels other basis. 

Yes No 

Cloned – Liquidity 

Provider 

An Actionable Indication of Interest whose attributes are copied into the Targeted 

Streaming Market as a separate Order during a RFS Session or RFQ session. Orders are 

submitted by an Authorised Trader, that is also a Liquidity Provider. Cloned Liquidity 

Provider Orders can match on a one-cancels-other basis against their associated 

Actionable Indications of Interest. Once the separate Cloned Order is created within a 

RFS Session or RFQ session it can be updated individually by the Authorised Trader, once 

updated, its attributes will cease to clone independently. 

No Yes 
iSwap Rulebook Schedule – Table Page 4 of 11 October 2019

Document version: 1.4 Copyright © 2019 iSwap Euro B.V. –

2. Order Durations

A Participant may submit Orders to the iSwap Venue with any of the following durations:

Order Duration Description Order Book Targeted Streaming

Good Till Day Order will expire at end of the Trading Day. Yes Yes 

Good Till Time Order will expire at a specific time set by the Authorised Person. Yes Yes 

Good Till Date Order will expire at a specific date and time set by the Authorised Person. Yes Yes

Good Till Cancelled Order will only expire when cancelled by the Authorised Person. Yes Yes

Good Till Duration Order will refer after a specific period of time set by the Authorised Person. If an Order 

is renewed or amended the Order duration will reset.

Yes Yes

Immediate Order will expire immediately if it is not Matched. If an Order is partially Matched, the 

balance of such Order will expire at the time of Matching.

Yes Yes

3. Order Status and Actions

Orders submitted to the iSwap Venue can be one of the following and references in the Rulebook to such actions shall have the meanings given to them in 

this paragraph 3:

Order Status/Action Description Order Book Targeted Streaming

expired Order is no longer available to Match on the iSwap Venue. Yes Yes 

open Order is available to Match on the iSwap Venue. Yes Yes 

referred Order is not visible to the other Participants and cannot Match until Order is renewed. Yes Yes

renewed Order which has been Referred is placed on the iSwap Venue as an open Order. Yes Yes

withdrawn Order is removed by Authorised Person from the iSwap Venue and is not available to 

Match.

Yes Yes
iSwap Rulebook Schedule – Table Page 5 of 11 October 2019

Document version: 1.4 Copyright © 2019 iSwap Euro B.V. –

4. Pre-Trade Controls

An Authorised Person can configure his settings so that upon a log off or loss of connection to the iSwap Venue, Orders will default to one of the following 

(and in the case of loss of connection, within a specified timeframe, as determined by Participant via the Authorisation Form). Orders can be configured by 

Authorised Person to default on either a common or an individual setting: 

Setting Description

Refer Order is referred so that it is no longer available to Match until it is renewed.

Expire Order expires from the iSwap Venue.

Persist Order status is unchanged and remains available to Match.
iSwap Rulebook Schedule – Table Page 6 of 11 October 2019

Document version: 1.4 Copyright © 2019 iSwap Euro B.V. –

5. Member Participant Roles and Permissions

A Member Participant can assign any one of the below roles to its authorised employees, officers, agents, Affiliates or designees:

Permission Authorised 

Trader

Authorised 

Trader - Desk 

Manager

Authorised 

Trader – Trade 

Manager

Clearing Officer Trader Desk 

Enquiry

Trade Enquiry

Order 

Book

Targeted 

Streaming

Order 

Book

Targeted 

Streaming

Order 

Book

Targeted 

Streaming

Order 

Book

Targeted 

Streaming

Order 

Book

Targeted 

Streaming

Order 

Book

Targeted 

Streaming

Ability to trade Eligible 

Instrument. √ √ √ √ √ √

Ability to view, submit, 

amend and withdraw own 

Orders.

√ √ √ √ √ √

Ability to view, submit, 

amend and withdraw Shared 

Orders. 

√ √ √ √ √ √

Ability to view and withdraw 

Orders submitted by 

Authorised Broker on 

Authorised Trader’s behalf.

√ √ √ √ √ √

Ability to view all Orders of a 

Desk. √ √ √ √ √ √ √ √

Ability to submit, amend and 

withdraw all Orders from a 

Desk.

√ √ √ √

Ability to view Authorised 

Trader Orders submitted by 

Authorised Broker on Desk’s 

behalf.

√ √ √ √ √ √ √ √

Ability to withdraw Orders 

submitted by Authorised 

Broker on Desk’s behalf.

√ √ √ √
iSwap Rulebook Schedule – Table Page 7 of 11 October 2019

Document version: 1.4 Copyright © 2019 iSwap Euro B.V. –

Ability to view all Trades on a 

Desk. √ √ √ √ √ √ √ √

Permission Authorised 

Trader

Authorised 

Trader - Desk 

Manager

Authorised 

Trader - Manager

Clearing Officer Trader Desk 

Enquiry

Trader Enquiry

Order 

Book

Targeted 

Streaming

Order 

Book

Targeted 

Streaming

Order 

Book

Targeted 

Streaming

Order 

Book

Targeted 

Streaming

Order 

Book

Targeted 

Streaming

Order 

Book

Targeted 

Streaming

Ability to view all Orders of a 

Participant. √ √ √ √

Ability to amend and 

withdraw all Orders of a 

Participant

√ √

Ability to view Orders 

submitted by Authorised 

Broker on Member 

Participant’s behalf.

√ √ √ √

Ability to withdraw Orders 

submitted by Authorised 

Broker on Member 

Participant’s behalf.

√ √

Ability to view all Trades of a 

Participant. √ √ √ √ √ √

Ability to set Hard Limits for 

Authorised Traders on a 

Desk.

√ √ √ √

Ability to enter and amend 

clearing credit limits for 

Participant. 

√ √

Ability to configure Clearing 

Credit Methodology set up 

for Participant.

√ √

Ability to set permissions for 

Market Users when acting as 

a Liquidity Provider on a 

Desk wide basis.

√ √ √
iSwap Rulebook Schedule – Table Page 8 of 11 October 2019

Document version: 1.4 Copyright © 2019 iSwap Euro B.V. –

Ability to set Right of Decline 

time period by Eligible 

Instrument when acting as a 

Liquidity Provider on a Desk 

wide basis.

√ √ √

Permission Authorised 

Trader

Authorised 

Trader - Desk 

Manager

Authorised 

Trader - Manager

Clearing Officer Trader Desk 

Enquiry

Trader Enquiry

Order 

Book

Targeted 

Streaming

Order 

Book

Targeted 

Streaming

Order 

Book

Targeted 

Streaming

Order 

Book

Targeted 

Streaming

Order 

Book

Targeted 

Streaming

Order 

Book

Targeted 

Streaming

Ability to set permissions for 

Market Users when acting as 

a Liquidity Provider on a 

Participant wide basis.

√ √ √

Ability to set Right of Decline 

time period by Eligible 

Instrument when acting as a 

Liquidity Provider on a 

Participant wide basis.

√ √ √
iSwap Rulebook Schedule – Table Page 9 of 11 October 2019

Document version: 1.4 Copyright © 2019 iSwap Euro B.V. –

6. Broker Participant Roles and Permissions

A Broker Participant can assign any one of the below roles to its authorised employees, officers, agents, Affiliates or designees:

Permission Authorised Broker

Order Book Targeted Streaming

Ability to trade Eligible Instrument on behalf of an Authorised Trader. √

Ability to view, submit, amend and withdraw own Orders submitted on behalf of an Authorised Trader. √

Ability to view, submit, amend and withdraw Orders submitted by an Authorised Broker of the same Broker Participant, on 

behalf of an Authorised Trader. √

Ability to view attribution of Orders and Trades if permission is granted by the Member Participant √

Ability to submit, amend and withdraw all Orders from a Desk.

Ability to view Authorised Trader Orders submitted by Authorised Broker on Desk’s behalf.

Ability to withdraw Orders submitted by Authorised Broker on Desk’s behalf.

Ability to view all Trades on a Desk.

Ability to view all Orders of a Participant.

Ability to amend and withdraw all Orders of a Participant

Ability to view Orders submitted by Authorised Broker on Member Participant’s behalf.

Permission Authorised Broker

Order Book Targeted Streaming

Ability to withdraw Orders submitted by Authorised Broker on Member Participant’s behalf.

Ability to view all Trades of a Participant.

Ability to set Hard Limits for Authorised Traders on a Desk.

Ability to set permissions for Market Users when acting as a Liquidity Provider on a Desk wide basis.

Ability to set Right of Decline time period by Eligible Instrument when acting as a Liquidity Provider on a Desk wide basis.

Ability to set permissions for Market Users when acting as a Liquidity Provider on a Participant wide basis.

Ability to set Right of Decline time period by Eligible Instrument when acting as a Liquidity Provider on a Participant wide basis.
iSwap Rulebook Schedule – Table Page 10 of 11 October 2019

Document version: 1.4 Copyright © 2019 iSwap Euro B.V. –

7. Exceptional Circumstances

The Operator will notify Participants of the occurrence of any of the following exceptional circumstances and will resume normal trading in accordance with 

the procedures set out in this section. 

a) a situation of extreme volatility triggering volatility mechanisms for the majority of financial instruments or underlyings of financial instruments traded 

on the iSwap Venue;

b) war, industrial action, civil unrest or cyber sabotage; 

c) disorderly trading conditions where the maintenance of fair, orderly and transparent execution of trades is compromised, and evidence of any of the 

following is provided: 

 the performance of the iSwap Venue’s system being significantly affected by delays and interruptions; 

 multiple erroneous orders or transactions; 

 the capacity of the iSwap Venue to provide services becoming insufficient;

d) where the Market Maker’s ability to maintain prudent risk management practices is prevented by any of the following: 

 technological issues, including problems with a data feed or other system that is essential to carry out a Market Making Strategy; 

 risk management issues in relation to regulatory capital, margining and access to clearing, 

 the inability to hedge a position due to a short selling ban; and

e) a suspension period referred to in Article 9(4) of MiFIR. 

Where trading is suspended in any relevant instrument further to the occurrence of an exceptional circumstance set out at a) to c) above or pursuant to 

Rules 14.16 to 14.18 of the Venue Rulebook, any open orders in that instrument will automatically be withdrawn. The Operator will notify all Participants 

via email or other appropriate medium of any trading suspension.

Where the Operator has determined that the suspension should be lifted, the Operator will notify Participants of the resumption of normal trading and 

associated timeframes via email or other appropriate medium.
iSwap Rulebook Schedule – Table Page 11 of 11 October 2019

Document version: 1.4 Copyright © 2019 iSwap Euro B.V. –

8. Market Identifier Codes

ISWA I-SWAP

ISWC I-SWAP ORDER BOOK

ISWR I-SWAP TARGETED STREAMING/RFQ