HPC SA (OTCex Group) has been authorised by the French National Competent Authorities (AMF and ACPR) to operate an Organised Trading Facility (OTF). HPC SA OTF services will be available from its Paris and London locations.
HPC SA still provides OTC services for all products traded on the OTF, except those which are under an obligation to be traded on a trading venue.
HPC SA offers best execution to its clients. As such and in compliance with the regulation, the OTF Operator has a discretion to place or not a client order into the OTF unless its receives a client instruction to execute the order outside the venue.
When the HPC OTF Operator places an order into the OTF, he will manage to always meet the conditions of multi-laterality in making sure there are always three available clients interacting on the order it places.
The structure of HPC OTF is described in the table below:
|Legal Entity||MIC Code||OTF Segment (1)||Code MIC segments||Trading Protocol||Trading System|
|HPCX||Commodity-related derivatives (2)||HPCS||Hybrid / Electronic||HPC
|Bonds||HPCO||Hybrid / Electronic||HPC eTrading|
|Interest rate and currency derivatives|
|Inflation linked derivatives|
|Bonds||HPCV||Voice||HPC Voice OTF|
|Interest rate derivatives (except options on swaps)
|Equity Derivatives (3)|
(1) For details on the products traded on the OTF see General Rulebook.
(2) Only Wholesale energy products that must be physically settled fulfilling the conditions set out Article 5 of Delegated Regulation (EU) 2017/565.
(3) When the Equity Derivative traded on the OTF has a cash equity hedge, the hedge will not be traded on the OTF in any case.
Documents as of December 2019
These rules were the subject of an AMF decision dated 06/02/2018 of the initial approval of the rules and an AMF decision dated 03/12/2019 approving the amendments to the rules