Virt-x is an exchange and the letters do not stand for anything. virt-x's website can be found at www.virt-x.com.

virt-x is based in London and is regulated by the Financial Services Authority (FSA) as a recognised investment exchange (the London Stock Exchange has the same status as a 'RIE). virt-x operates both a 'central order book' market for certain illiquid European securities and an 'off-order book' market for a number of other European securities. For example, MPH has been classified as an off-order book security on virt-x. Under the rules of virt-x, virt-x members who execute trades in off-order book securities have to report the trades to virt-x within 3 minutes.

Details of executed trades in off-order book securities which have been admitted to trading on virt-x can be seen via an information vendor like Reuters or Bloomberg. For example, on a Bloomberg terminal, the details of trades in MPH can be found at MPH VX, instead of MPH LN for the London Stock Exchange.

If the trade has been conducted and reported to virt-x under its rules, then no trade will be printed on the London Stock Exchange.
So certain trades will fail to show in the 'trades' listing used by moneyam and others, (as well as the usual delayed ones) and these totals don't get added to LSE volumes till end of day.

TdW and etrade use the system

Affect volumes and thus makes charting less exact (!!)

Does it make level 2 pointless?

Reduces liquidity on the LSE?

Private investor not in possession of the facts?

NMS distorted? At least that the average punter can see.

It is an issue for data vendors and broker to client transaction reporting, not Virt-x which is regulated by the FSA. Will Mam and competitors be able to afford the trade feeds (Bloomberg or Reuters terminal)? Not exactly sure of the prices but have heard 6k for a terminal and annual subscription of 100k. Ideally Mam and others would take feeds from all exchanges to provide a full picture.


Seems like just another reason why retail investors have it tough and maybe why the smart ones avoid the market altogether.

er not a great thread title but a serious topic that could affect your wealth, I should think.