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MAR 6.13 Standards and conditions for trading

MAR 6.13.1R

A systematic internaliser must have clear standards which set out and govern the basis on which it will decide which investors are given access to its quotes. The standards must operate:

  1. (1)

    in an objective, non-discriminatory way within the categories of retail and professional clients; and

  2. (2)

    on the basis of its commercial policy, including considerations such as:

    1. (a)

      investor credit status;

    2. (b)

      counterparty risk; and

    3. (c)

      final settlement of the transaction;

    and a systematic internaliser may refuse to enter into or discontinue business relationships with investors on this policy basis.

[Note: Recital 50 and Article 27(5) of MiFID]

MAR 6.13.2G

Systematic internalisers might decide to give access to their quotes only to retail clients, only to professional clients, or to both. They should not be allowed to discriminate within those categories of clients.

[Note: Recital 50 to MiFID]