MAR 6.12 Execution price of client orders not matching quotation sizes

MAR 6.12.1R

Where a systematic internaliser quotes:

  1. (1)

    in only one quote in a share; or

  2. (2)

    its highest quote is lower than the standard market size for the class of shares to which the share belongs;

and it receives a client order that is bigger than the quotation size, but lower than the standard market size, the order may be executed, but that part of the order which exceeds the quotation size must either be executed at the quoted price or, if it is a professional client order, as permitted under the execution price provisions in MAR 6.11.1 R.

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

MAR 6.12.2R

Where a systematic internaliser quotes in different sizes and it receives a client order between those sizes, the order may be executed:

  1. (1)

    at one of the quoted prices in compliance with the client order handling rules set out in COBS 11.3, COBS 11.4.1 R and COBS 11.4.5 R1; or

    1
  2. (2)

    if it is a professional client order, as permitted under the execution price provisions in MAR 6.11.1 R.

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