There will also be links into a low-cost clearance and settlement solution featuring central counterparty services. During this phase Market Makers may update their quotes for the start of the trading day. Electronic Execution will not be permitted during this phase, although trading via the telephone can take place during this period. Manual trade reporting is permitted. By the start of the open phase, Market Makers are required to have changed the status of their quotes to open.
Electronic execution is permitted and trading can also take place on the telephone.
At the end of the Open phase, ETS will automatically close all Market Maker quotes and electronic execution will be disabled. Trading can continue outside ETS during this period although Market Makers will not be able to adjust their posted quotes and prices on ETS are indicative only. Manual trade reporting is permitted. Trading can continue outside ETS during this period although, Market Makers will not be able to adjust their posted quotes and prices on ETS are indicative only. In simulated trading, network utilisation averaged just 10 per cent when handling more than 1100 trades an hour and over 4,700 quote updates.