Multiplatform

The aim of the quoting obligation for Primary Dealers is to provide to all market participants an arbitrage free reference price. Since the spring of 2008 Primary Dealers may select a platform of choice to fulfill their quotation obligation, provided the platform meets certain objective criteria. Eligibility criteria include that bid and ask prices at which PDs can execute trades on the designated platform are available to investors at reasonable commercial terms. As of now, the DSTA has selected four platforms: ICAP Electronic Broking, EUREX Bonds GmbH, BGC Brokers LP and MTS. The application however is open-ended.

Given the success of the freedom of choice of a platform, the Dutch State Treasury Agency has broadened the multiplatform environment to include the quotation of Dutch Treasury Certificates (DTCs) from April 2009 onwards. This means that the multiplatform environment now applies to all Dutch government securities that are subject to a quotation obligation. Below, the chapter from the Outlook 2010 provides more detailed information on the multiplatform system.

Click here for the conditions and basics of the multiplatform environment for DSLs (consisting of several annexes to the General Conditions to the PD contract).

Click here for the conditions and basics of the multiplatform environment for DTCs (consisting of several annexes to the General Conditions for registration in the DTC register).

Below, you can find the links to the websites of the 4 platforms. Through these websites, retail investors can access semi-real-time information on prices for DSLs and DTCs. The time delay ranges from 5 to 15 minutes.

EUREX Bonds
MTS Netherlands
ICAP Electronic Broking
BCG Brokers LP