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Synopsis

Trading venues provide multiple connection types and liquidity pools, with some venues even providing credit screened security prices (Which is sometimes referred to as Market Best Price).

Unscreened prices are usually not checked for credit, as a result of this they could involve orders that cannot be matched to a particular counterparty. In contrast, screened prices ignore all orders where there is not enough remaining credit to permit even a partial match of an order. As a consequence, these prices will be equal to or worse than the unscreened prices. Whilst screened prices may not be as good as the unscreened prices, they are the best price that the market participant can successfully match.

Operational Use

Subscription to Credit Screened prices is ordinarily managed by the Trading Venue as a connection specific parameter, so coordination is required between customers and the Trading Venue where screened price streams are supported to enable the feature.

Credit screened connections will show available prices as screened, whilst always displaying last traded prices as unscreened. Customers wishing to view both screened and unscreened prices will require a second feed for the screened or unscreened subscription.

 Connection specifics, credit screened and non-credit screened feeds...