United Kingdom

  • United Kingdom

1 Country overview

MTS facilitates a dedicated order driven market for nominal coupon and inflation linked British government bonds where participation is restricted to Gilt Edged Market Makers (GEMMs) only.

2 Instruments

Sterling denominated instruments issued by the British government for an amount outstanding of GBP 3 billion or more.

List of bonds

2.1 Minimum lots

Orders and quotes can be submitted for the following minimum amounts:

Bonds with maturities up to 10.5 years: GBP 5 million and multiples with auto-matching Bonds with maturities above 10.5 years: GBP 1 million and multiples with auto-matching.

3 Participant requirements

All financial institutions with GEMM status can join the MTS UK market. Minimum capital requirement for MTS UK participants is GBP 30 million.

List of participants

4 Market Hours

Market Hours (BST)

Pre-Market: 7:30 am – 8:00am

Trading Hours: 8:00am – 5:00pm

Market Closed: 5:00pm

5 Settlement

Trades on UK Government bonds settle at Euroclear UK.

LCH.Clearnet Ltd is available as a Central Counterparty and its use is mandatory on MTS UK.

MTS sends Swift settlement instructions on behalf of both participants to LCH.Clearnet Ltd. MTS participants must be members of LCH.Clearnet Ltd either directly or indirectly through a General Clearing Member.

The settlement cycle is T+1. The settlement calendar follows the local business calendar, skipping -settlement date on UK public holidays.

6 Market Data

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Daily bulletins

6.1 Password protected

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Participant statistics