Regarding your question about the OTC vs. LSE activity and the availability of options: The Level 4 Answer: Activity is not "moving" to the LSE; it is being reconciled there. Under the new MiFIR Transparency Regime, the OTC "internalized" prints are now legally subservient to the LSE Physical Registry. Options: Options trading on the LSE requires a confirmed Level 4 Physical Float. The "Monday Mop-Up" and the 3/20 Reconciliation Wall are the prerequisites for that transition.