The Tradetech Daily



Christopher BasnettEmail: ees@rbs.comTel: +44 (0)20 7678 5200

RBS Cross offers clients the ability to trade securities in size via a valuable and trusted source of liquidity to avoid information leakage and minimise market impact.

Functionality and order Types

RBS Cross supports midpoint matching (using the primary market bid/ask as the reference price), and will offer trading at multiple price points later in 2011. To provide clients with absolute transparency of order flow interaction, a combination of FIX tag 30 (exact venue of execution) and FIX tag 29 (the type of flow interacted with) are provided on all RBS Cross executions.

Access and participation

RBS Cross is available to clients via the firm”s algorithmic product suite, whether placed electronically or routed manually by trading desks, and is treated by the RBS SOR as an additional liquidity source alongside a range of external trading venues.

Instruments traded

RBS Cross offers trading in over 4,000 stocks across 17 European markets.

Order protection

Several control layers allow clients to define routing preferences and determine the types of flows they interact with in RBS Cross. Minimum acceptable quantity functionality is also supported to provide further confidence to clients. All flow interacting with RBS Cross is ”client contingent”. No proprietary, market making or high-frequency trading flows are allowed into the order book.

Connectivity/sharing Agreements

The segregation of RBS Cross ensures information leakage is avoided. There is no privileged system access or use of indications of interest. Control and alert mechanisms are in place to monitor all aspects of trading flows and system health, providing real-time checks for erroneous trading activity and system issues affecting trading flows.