MAR 6.13 Standards and conditions for trading

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]