Business Contact:

Sam Railton

srailton@tower-research.com | ​+44 (0) 79 8389 1793

General Enquires and On-boarding:

si-info@tower-research.com

SI Trading Desk

si-desk@tower-research.com l +44 (0) 20 8396 7570

SI Technical inquiries

si-tech@tower-research.com l +44 (0) 20 3597 5926

SI Entities

Tower operates two systematic internaliser (SI) entities: Tower Research Capital Europe Limited (Tower UK) and Tower Research Capital Europe B.V. (together with Tower UK, Tower).

Transparency

Where, in our capacity as an SI, we are required to make quotes available publicly in respect of liquid securities, we will do so by publishing quote details via Cboe UK APA and Cboe NL APA.

Hours of Operation

Our SI operates on business days and during the relevant continuous trading hours of the primary market of listing for the relevant instrument. When the primary market is closed, Tower will not publish quotes for the associated instruments.

Costs and Charges

Tower does not charge any fees for trading with the SI, nor charge for the consumption of our market data.

Access to Quotes Within the SI

Tower may offer different pools of liquidity, and each pool may have different liquidity characteristics. Details of each pool may be made available separately to eligible counterparties. However, Tower may, on the basis of its own commercial policy and acting in an objective and nondiscriminatory manner, limit or restrict individual access to certain liquidity pools. Any such decision may be taken by Tower.

A non-exhaustive list of the factors that Tower may consider when determining individual client access to a liquidity pool include:

• Client credit rating/status;

• Specifically for non-ETR clients a more conservative credit rating may apply, e.g. investment grade (BBB-); and

• Trading metrics, such as:

  • Mark outs at various time intervals;

  • Settlement performance; and

  • Ability to meet the MiFID Client Classification requirements for an Eligible Counterparty; and

  • Any other factors that Tower considers relevant or appropriate to the risk of transaction with the relevant counterparty.
    
    

Risk Warning

Please be aware that there are certain risks involved in entering into transactions in financial instruments. You should not transact in financial instruments unless you understand their nature and the extent of exposure to risk that you (or, where applicable, your principal or principals) will incur.