A combination of market volatility, the introduction of TradElect and recent enhancements to the volume discount scheme contributed to a surge in trading volumes on SETS, the London Stock Exchange’s electronic order book, during August. The number of trades on SETS exceeded a million on three separate days during August, helping to take the average daily number of trades to a new high of 688,391, an increase of 141 per cent on August last year. The average daily value traded on SETS was also a record at £9.9 billion, an increase of 96 per cent on August 2006.