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Status: You are viewing the version of the handbook as on 2009-03-31.

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 1 COBS 11.2 1 , 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]