- 45(1) (except in COBS and FINMAR)68 (in relation to an investment) a person who (otherwise than in his capacity as the operator of a regulated collective investment scheme) holds himself out as able and willing to enter into transactions of sale and purchase in investments of that description at prices determined by him generally and continuously rather than in respect of each particular transaction.
- (3) (in FINMAR) a person who, ordinarily as part of his business, deals as principal in financial instruments (whether OTC or exchange traded):
- (a) to fulfil orders received from another person in response to that person's request to trade or to hedge positions arising out of those dealings; or
- (b) in a way that ordinarily has the effect of providing liquidity on a regular basis to the financial markets on both bid and offer sides of the market in comparable size.68
[Note: article 4 (1)(8) of MiFID]