VBBO (Volume weighted Best Bid and Offer)

Equiduct Trading produces and distributes a real-time feed (VBBO) for liquid instruments derived from the full depth of the book from all significant execution venues in Europe. In addition, Equiduct Trading will distribute pre- and post-trade information relating to its PartnerEx and HybridBook transactions.

The VBBO is calculated for the Standard Market Size (SMS) and Retail Market Size (RMS) of each instrument covered, with a volume weighted average based on the market prices available in significant RM, adding MTF and SI (as they come online).

VBBO is available to view from the link in the VBBO dropdown on the right of this page and will be available through established Market Data Vendors or direct to Equiduct Trading participants using a Market Data Carrier shortly. VBBO will be distributed in both the local currency of the stock and the Euro.

The VBBO is derived data using very low latency direct price feeds for the full market depth across all eligible venues without any data conflation. As such we believe that the VBBO will become the European benchmark best price as part of each investment firms equity execution policy. The fact that Equiduct Trading will offer the ability to trade at the derived price as part of its PartnerEx offering will make the VBBO stand out from competing products offered by data vendors or other markets with classic price determination algorithms.

The VBBO, a single source of Pan-European Equity Reference price data. A cost effective alternative to multiple potentially expensive sources.

All securities included in VBBO must meet the Equiduct Trading criteria for liquidity, which may change periodically. Criteria for inclusion may require, for example, that an equity:

• is traded on at least two external markets
• consistently makes available both Level I (high level snapshot) and Level II (market depth) data
• has both bid and offer
• has the requisite market depth to allow the calculation of SMS or RMS
• demonstrates that its prices are not sedentary, i.e. that there is some movement on either the price or trade volumes
• has a bid/offer spread within a specified range limit.

For more information on our Market Data or to arrange a meeting to discuss becoming a Market Data Vendor please contact us