Offline Trading Sample Clauses
Offline Trading. 5.1.1. The market is characterised by indicative OTC prices. For bonds traded offline Tera splits all bonds into one of three baskets based on the relevant bond’s liquidity;
5.1.2. For highly liquid bonds, Tera will offer a bid/offer price in line with prices shown in any attainable firm market (this includes public exchanges to which Tera has access via a prime broker, as well as OTC counterparts).
5.1.3. For bonds with lower liquidity, Tera will source a minimum of three separate indicative prices to gauge the best price based on the order size.
5.1.4. For highly illiquid bonds, Tera seeks to derive a mid-price based on all indicative pricing information available to it, and then quotes a bid/offer spread to the client factoring in a predefined additional spread. SCHEDULE 3: CASH EQUITIES AND EXCHANGE TRADED PRODUCTS
1. Products in Scope:
Offline Trading. 5.1.1. The market is characterised by indicative OTC prices. For bonds traded offline Tera splits all bonds into one of three baskets based on the relevant bond’s liquidity;
5.1.2. For highly liquid bonds, Tera will offer a bid/offer price in line with prices shown in any attainable firm market (this includes public exchanges to which Tera has access via a prime broker, as well as OTC counterparts).
5.1.3. For bonds with lower liquidity, Tera will source a minimum of three separate indicative prices to gauge the best price based on the order size.
5.1.4. For highly illiquid bonds, Tera seeks to derive a mid-price based on all indicative pricing information available to it, and then quotes a bid/offer spread to the client factoring in a predefined additional spread. SCHEDULE 3: CASH EQUITIES AND EXCHANGE TRADED PRODUCTS
1. Products in Scope:
1.1. Purchase and sale of cash equities and equity-like products, such as ETFs, ETCs and ETNs.
1.2. Not in Scope: Transactions arising from the exercise of an option
2. Order Types available: