Anti-gaming measures

Baikal will implement a series of advanced market confidence measures to preserve the integrity of the market and protect participants.

Maintaining the integrity of the market and protecting participants from information leakage and gaming is fundamental to Baikal. With this in mind Baikal has developed unique anti-gaming capabilities and will deploy world class market surveillance techniques to ensure market fairness and integrity.

Anti-gaming
Prior to execution, Baikal will always perform well formed market validation checks against the primary exchange to determine and validate the execution price at which orders are executed.

The well formed market validation checks will take into consideration factors such as the market spread, order values, book depth, trade history and other criteria to prevent orders being executed to the disadvantage of any participants.

Anti-market timing
Mid-point Matches are randomised to within 30 seconds of the previous Mid-point Match for each liquid security to prevent manipulation of prices on the primary exchange in an effort to influence execution prices.

Anti-pinging
To prevent participants from being ‘pinged’, Baikal will enforce minimum order values for all instruments. Participants can also define a Minimum Execution Size for any order submitted to the Baikal Order Book.

User control
Customisable parameters enable participants to control the type of orders and participants they interact with, electing to interact with immediacy demanding IOC orders, patient Resident orders, or both.

Controlled information leakage
Baikal will provide a safe and secure trading environment where there will be no pre-trade information leakage.

Post trade reporting will be immediate to comply with MiFID requirements. However, there will be limited insight into the residual state of the Baikal Order Book.