Morgan Stanley MTF

Morgan Stanley MTF is a multilateral trading facility offering members access to a unique liquidity source for trading pan European equity and equity-like instruments.

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Overview

OVERVIEW

Morgan Stanley MTF comprises three order books operating independently of each other:

1. A periodic auction order book, with eligible Orders triggering periodic auctions and pre-trade publication of the uncross price, indicative uncross volume and an imbalance indicator to attract additional liquidity

2. A non-displayed liquidity pool, executing at the midpoint of the relevant reference market utilising either the reference price waiver or the large in scale waiver (depending on the size of the Orders) (pending regulatory waiver approvals)

3. A negotiated trade book, which provides a mechanism for members to agree off-book negotiated trades which are subject to conditions other than current market price (e.g. benchmark trades) and bring those negotiated trades onto the MTF and subject to the MTF’s rules under the negotiated trade waiver (pending regulatory waiver approvals)

Morgan Stanley MTF operates during the relevant Primary Market hours of continuous trading (which excludes any auction periods).