The Baikal Order Book is a non-displayed price referencing MTF that enables you to trade within the spread of the primary exchange within a trusted environment.
Baikal will provide a safe and secure venue for the execution of larger sized orders in a non-displayed MTF - the Baikal Order Book. The Baikal Order Book has a unique market model designed to allow trading in larger sizes with little or no market impact and includes extensive anti-gaming measures and the capability for participants to control the type of flow their orders interact with.
The Baikal Order Book relies on the ‘price reference’ waiver in MiFID for exemption from pre-trade transparency requirements. This allows the acceptance of orders of any size (no large-in-scale requirement). Consequently, all trades must take place at the execution price based on the spread on the primary exchange; the most liquid market for the security.
As a non-displayed MTF, the Baikal Order Book guarantees no pre-trade information leakage. Innovative market mechanisms have been designed to prevent gaming and pinging – ensuring that your trading intentions remain private, and that all executions take place in a size and at a price that you will be satisfied with.
Order types
Two types of orders can be entered onto the Baikal Order Book: Resident and Immediate Or Cancel (IOC).
Matching modes
Within the Baikal Order Book there is a unique two-mode matching process designed to meet the needs of different trading strategies; random periodic Mid-pointMatching and Continuous Trading.
Anti-gaming measures
Baikal will implement a series of advanced market confidence measures to preserve the integrity of the market and protect participants.
