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MAR 6.11 Execution price of professional client orders

MAR 6.11.1R

A systematic internaliser may execute an order up to standard market size received from a professional 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)

    at a better price for the professional client where:

    1. (a)

      this price falls within a published range close to market conditions; and

    2. (b)

      the order is of a size bigger than the size customarily undertaken by a retail investor; or

  3. (3)

    at a different price which benefits the professional client where:

    1. (a)

      execution in several securities is part of one transaction; or

    2. (b)

      the order is subject to conditions other than the current market price.

[Note: Subparagraphs 4 and 5 of Article 27(3) of MiFID]

MAR 6.11.2EU

For the purposes of the fourth subparagraph of Article 27(3) of [the MiFID] Directive 2004/39/EC, an order shall be regarded as being of a size bigger than the size customarily undertaken by a retail investor if it exceeds EUR 7 500.

[Note: Article 26 of the MiFID Regulation]

MAR 6.11.3EU

1.

For the purposes of the fifth sub-paragraph of Article 27(3) of [the MiFID] Directive 2004/39/EC, execution in several securities shall be regarded as part of one transaction if that one transaction is a portfolio trade that involves 10 or more securities.

For the same purposes, an order subject to conditions other than the current market price means any order which is neither an order for the execution of a transaction in shares at the prevailing market price, nor a limit order.

[Note: Article 25(1) of the MiFID Regulation]