RE: Long term value creation20 Oct 2025 18:44
Long here more info on XOFF Trades
In share trading, XOFF is a market identifier that appears in trade reports — particularly in Europe — and it refers to off-exchange (or "over-the-counter") trades.
🔍 What “XOFF” Means
XOFF = Off-exchange / OTC trades
It’s a MiFID II market code used to indicate that the trade was executed outside a regulated market, multilateral trading facility (MTF), or organised trading facility (OTF).
This includes trades done:
Over-the-counter (OTC)
Through systematic internalisers (SIs)
Internal crossing in brokers’ dark pools
Bilateral trades between two parties
It is not a stock ticker or company — it’s a code for where the trade was executed.
🧠 Why it matters
When you see “XOFF” on a trade report or Level 2 data feed, it’s telling you:
The trade did not go through an exchange like LSE, Euronext, or Xetra
It may have been a large block trade, dark pool, or private transaction
It can be used by market makers or institutional traders to reduce market impact or avoid slippage
📈 Example in practice
Say you’re looking at a trade blotter or time & sales list and see:
Trade: 10,000 shares of ABC.L at 125p
Venue: XOFF
Time: 14:26:07
This means the trade for ABC shares was executed off-book, not on the LSE (London Stock Exchange), even if the security is listed there.
📌 Summary
Term Meaning
XOFF Off-exchange trading venue under MiFID II
Used for OTC trades, dark pools, block trades, SIs
Common in EU/UK markets, but conceptually similar to US “off-tape” or “OTC”
Why it happens To avoid slippage, for discretion, or due to internal crossing