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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

mark-up or mark-down

      1. 38(a) (when a firm receives a customer order and takes a principal position in the relevant investment in order to fulfil that customer order (that is, when the firm takes a principal position in the relevant investment which it would not otherwise take, except to fulfil that customer order)) the difference, if any, between:
        1. (i) the price at which the firm takes a principal position in the relevant investment in order to fulfil that customer order; and
        1. (ii) the price at which the firm executes the transaction with its customer;
      1. (b) (when a firm executes a customer order against its own book and owes a duty of best execution) the difference between:
        1. (i) the price at which best execution would be achieved; and
        1. (ii) the price at which the firm executes the transaction with its customer.