The Code itself can be found on the European Commission’s website.
Links to other organisations’ responses to the Code can be found on the FESE website.
The Exchange announced that it had signed the code on 7 November 2006.
There are three main elements to the code:
Price transparency
The Code requires that the signatories provide full transparency of their relevant tariffs and discounts from 1 January 2007. For the London Stock Exchange this covers its trading tariffs. The relevant tariffs are for Trading, Membership and Connectivity (Extranex).
The London Stock Exchange has a rebate scheme for market makers meeting certain conditions for securities outside the FTSE 350.
The London Stock Exchange has provided some examples to show how these tariffs would be applied in typical situations.
Access and interoperability
The Code requires that the signatories allow for access and interoperability as defined in the Code from 1 July 2007.
Unbundling and accounting separation
The Code also requires that the signatories make certain services available on an unbundled basis and to implement accounting separation from 1 January 2008. The London Stock Exchange already provides segmental accounting in its Report and Accounts.