London StockExchange - Notice N41/97
July 01 1997 - 10:04AM
UK Regulatory
RNS No 7898k
LONDON STOCK EXCHANGE
1st July 1997
For the attention of the
chairman/senior partner/compliance officer,
all member firms N41/97
CONSULTATION ON PROPOSED RULE AMENDMENTS
GILT EDGED AND STERLING BOND MARKET
PROPOSED RULE CHANGES RESULTING FROM IMPLEMENTATION OF THE ENHANCED CENTRAL
GILT OFFICE ("CGO II")
1. A number of consequential rule changes are required as a result of the
implementation of CGO II by the Bank of England, which is due to take
place on 26 August 1997.
2. The resultant changes are attached to this Notice for consultation.
The consultation period will end on 28 July 1997. A further Notice
will be issued at the end of the consultation period. The
implementation date for the confirmed rules will occur on the first
operational date for CGO II.
3. Member firms should note that the interim arrangements set out in
Notice N18/97, which have allowed member firms to submit transaction
reports for trades in gilt-edged securities to the TRAX and Sequal
systems, will end with implementation of CGO II. From that date
member firms will be required to report transactions in gilt-edged
securities via CGO II or CREST residual.
4. Initially, there will be no requirement on member firms to include
Unique Transaction Identifiers on reports of transactions in
gilt-edged securities that are reported to CGO. Member firms should
note that the Exchange may, in due course, introduce this requirement.
In that event, a three month notice period will be given allowing
member firms time to make any necessary system changes. Member firms
may, however, enter Unique Transaction Identifiers on reports to CGO
in the interim if they have the functionality in place.
D J Sheridan
Head of Market Regulation
Any comments relating to this Notice should be addressed to Reg Dobson or
Dagmar Banton in Market Regulation, Stock Exchange, London EC2N 1HP.
Telephone 0171 797 3310 (STX 33310).
END
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