SETSm™, the London Stock Exchange’s new trading service for mid-cap securities, went live this morning. SETSmm combines the benefits of the world class SETSmm™ electronic order book with London’s unrivalled market making expertise.


The Exchange has registered 31 market makers who together will support the 200 stocks traded on SETSmm, with each traded security having at least five registered market makers available.

Commenting on the new service, Martin Wheatley, the Exchange’s Deputy Chief Executive, said:

“The Exchange is delighted to see SETSmm go live today. The benefits to our customers will include tighter spreads, greater transparency and improved liquidity for the FTSE 250 stocks.”


SETSmm is a trading service for FTSE 250 securities currently traded on SEAQ, as well as other qualifying securities. It is an electronic order book based on SETS with the added support of continuous liquidity provision from registered market makers.

For further information, please contact:

Notes to editors:

• Website address:
  More detailed information about the SETSmm service can be found at: http://www.londonstockexchange.com/trading/setsmm.asp

• How SETSmm will fit in:
  Once SETSmm is launched, the Exchange’s trading services will look like this:
  • SETS
    The top 200 or so most liquid stocks including FTSE 100 securities and reserves.
    
    
    
  • SETSmm
    171 FTSE 250 securities; 11 FTSE 250 reserve securities; the top 11 UK listed Irish securities by market cap (traded in Euros); five securities currently traded on SETS; and two other qualifying securities.
    
    
    
  • SEAQ and SEATS plus
    Support trading in the remainder of the UK market, including AIM, with SEATS plus being used for those firms that have less than two market makers.

• The key features of SETSmm are:
  • Continuous order book offering automatic execution;
    
  • Market makers providing continuous bid and offer prices;
    
  • Opening and closing auctions; and
    
  • Trading supported by central counterparty facility and settlement in CREST or Euroclear Bank.

• SETSmm Registrations
  The following market makers have registered in 100 or more securities for the SETSmm market – UBS; Merrill Lynch International; Dresdner Kleinwort Wasserstein; Deutsche Bank AG London; Winterflood Securities Limited; Citigroup Global Markets UK Equity Ltd; and ABN Amro. A full list of all market makers and the securities they have registered in is available at: www.londonstockexchange.com/setsmm

• SETS – the electronic order book
  It is now six years since the launch of SETS and the service continues to go from strength to strength. Overall, the market is benefiting from tighter spreads, greater liquidity and lower execution costs. Usage of SETS continues to grow, as shown by recent record increases in the number of orders entered, the number of firms using the order book and order book share of business.

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