Which LSE trading system is used for fixed-interest securities and AIM stocks not traded on SETSqx?

• A. Setsqx
• B. Sets
• C. SeaQ
• D. Orb

Answer: (C)

SeaQ is London Stock Exchange’s trading system for instruments that don’t sit on SETS or SETSqx. It’s designed for securities that are less liquid or more specialized, namely fixed-interest securities (like bonds and gilts) and AIM-listed shares that aren’t traded on SETSqx. This separation from SETS/SETSqx lets the exchange match the liquidity profile of different asset types: the continuous order-book trading of SETS for many Main Market equities, and the quote/auction mix of SETSqx for other equities, while SeaQ provides a suitable venue for fixed income and AIM stocks not on SETSqx. The other systems serve different segments—SETS for the main market’s liquid equities, SETSqx for others that benefit from quotes and auctions, and ORB for certain smaller, less liquid shares not on SETS/SETSqx.