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.

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.

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