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.

Bomenrij

Long row of trees

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 three platforms: Brokertec Europe Ltd, 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.

The conditions and basics of the multiplatform environment for DSLs are included in several annexes to the General Conditions of the PD contract.

The conditions and basics of the multiplatform environment for DTCs are included in several annexes to the General Conditions for registration in the DTC register.

Below, you will find the links to the websites of the three 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.

MTS Netherlands
Brokertec Europe Ltd
BGC Partners