MAR 6.10 Execution price of retail client orders

MAR 6.10.1R

A systematic internaliser must, while complying with the obligation to execute orders on terms most favourable to the client set out in 1COBS 11.21, execute an order up to standard market size received from a retail client in relation to shares for which it is a systematic internaliser:

  1. (1)

    at the price quoted at the time of the reception of the order; or

  2. (2)

    if the order does not match the quotation size or sizes, in compliance with the execution price rules in MAR 6.12.1 R or MAR 6.12.2 R.

[Note: Subparagraphs 3 and 6 of Article 27(3) of MiFID]