Glossary

Algorithm - a system/process that manages an order to achieve execution targeting a benchmark or based on pre-set parameters.

Baikal Order Book or BOB - the non-displayed order book operated by Baikal.

Baikal - Baikal Global Limited in its capacity as either MTF and/or an Investment Firm as the context requires.

BBO - Best Bid and Offer of a venue.

BOB execution price - the price for transaction on the Baikal Order Book which is calculated from the reference price

Child order - individual orders generated by an algorithm or SOR. A one-to-many relationship exists between the parent order and the child orders as the algorithm or SOR slices up the parent order.

Continuous Trading - the mode of trading on BOB when Resident and IOC orders are automatically matched and executed.

Dark venue - trading facilities (exchanges, MTFs, etc.) offering trading via a non-visible order book.

FSA - Financial Services Authority of the United Kingdom.

Fungibility - for Baikal, any two or more securities sharing the same SEDOL code but trading on different venues, ie where trading can occur on different venues but settlement will occur in the same place.

IOC - Immediate Or Cancel. Type of order where any quantity not immediately executed is automatically cancelled ie does not become resident.

Liquidity Aggregation Strategies - strategies combining algorithmic and Smart Order Routing functionality to capture liquidity across several venues.

Lit venue - trading facilities (exchanges, MTFs etc) offering trading via a visible order book.

Mid-point Matching - the mode of trading on BOB when Resident Orders match against one another at using an execution price of the mid price.

Mid price - calculated from the primary exchange reference price as Bid + ((Ask-Bid)*50%) and rounded to four decimal places.