SETSmm, the London Stock Exchange's new hybrid trading service for mid-cap securities, will go live on Monday 3 November with the support of 31 market makers.
SETSmm combines the Sets electronic order book with London's market making expertise in support of the 198 stocks traded on the new platform. It is designed to replace the Seaq service for FTSE 250 securities, which had been suffering from lack of liqudity.
UBS, has announced its intention to make markets in all FTSE 250 stocks traded on SETSmm while a further six market makers have registered in 100 or more SETSmm securities. The average number of market makers per stock is eight and a half, says the Exchange, and each traded security has at least five registered market makers available.
Alex Easton, head of European equities at UBS Investment Bank, says SETSmm recognises the importance of market maker support in mid-cap stocks. "This new market structure which will enhance liquidity and execution for our clients," he adds.