What is
Large In Scale

The LS trade type is available to brokers to enable them to execute large transactions which comply with A2X minimum size criteria.

Large In Scale
Explained

The LS trade type is available to brokers to enable them to execute large transactions which comply with A2X minimum size criteria.

  • The LS trade type is available to brokers to enable them to execute large transactions which comply with A2X minimum size criteria. Brokers will save
    money when transacting a LS trade on A2X due to our competitive rates.
    It is defined as a trade where both legs are a pre-agreed buy and sell agency or principal. The order is not displayed on, nor interacts with the central order book but is reported to the exchange.
  • The minimum size requirement of the LS has been aligned to JSE’s Block Trade criteria. Details can be found on the A2X website.
  • The Trading Liquidity rating review takes place on a quarterly basis

A2X Report only
Trades Types

– Clearing And Settlement

  • In line with current market
    practise the LS is not “settlement
    assured” by A2X
  • Separate settlement groups
    created on Strate but can be
    linked
  • Capital Exposure Requirements
    • No Capital Exposure
      Requirements
      (not settlement assured)
    • No offset with order books

Large In Scale
Size Criteria

  • The liquidity review is based on the Average Value of trades calculated over a 3-month period on the primary market
  • Securities are grouped into liquidity bands to determine the minimum size LS
  • Tiers and minimum size criteria