Trading

At the core of Baikal, there will be a non-displayed, price referencing MTF; the Baikal Order Book (BOB). The Baikal Order Book will have a unique market model designed to facilitate trading in larger sizes with little or no market impact. It will also incorporate extensive anti-gaming measures, allow participants to control the type of flow their orders interact with and prevent market abuse.

In addition to the Baikal Order Book, Baikal will offer a Liquidity Aggregation Service that will facilitate best execution by executing orders on displayed (lit) and non-displayed (dark) venues throughout Europe, including the Baikal Order Book, SETS, other exchanges and MTFs. 

Why trade with Baikal?
Baikal is being developed to meet the needs of a wide range of market participants. Find out about the key features and benefits of Baikal.

Market coverage
Baikal’s extensive coverage of 20 venues across 14 countries helps you reach multiple sources of liquidity via a single entry point, single connection and single clearing arrangement.

Baikal Order Book
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.
 
Liquidity Aggregation Service
Baikal’s sophisticated Smart Order Router and Liquidity Seeking Strategies aggregate liquidity from both lit and dark venues across Europe’s leading venues via a single entry point, single connection and single clearing arrangement.

Clearing and settlement
Baikal will offer an efficient pan-European clearing and settlement solution with aggregated booking for trades executed on multiple venues, including the Baikal Order Book.