MAR 5.1 Application and purpose
Application
This chapter is relevant to every firm that has, or intends to apply for, a Part IV permission and that:
- (1)
if it is a UK domestic firm, operates or proposes to operate an ATS from an establishment in the United Kingdom or elsewhere;
- (2)
if it is an overseas firm, operates or proposes to operate an ATS from an establishment in the United Kingdom.
This chapter is subject to the provisions in ECO. For example, this chapter is not relevant to an incoming ECA provider acting as such.
Purpose
The purpose of this chapter is to provide a framework for implementing several of the CESR ATS standards. The FSA considers that the implementation of these standards will protect consumers, promote market confidence, reduce financial crime and promote public understanding of the financial system. These standards, and therefore this chapter, do not apply to bilateral systems, which are excluded from the definition of an ATS.