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.

Article 9 Structural characteristics of the UK market

In taking into account, in accordance with point (g) of Article 13(2) of Regulation (EU) No 596/2014, the participation of retail-investors in the relevant UK market, the Financial Conduct Authority shall assess at a minimum:

  1. (a)

    the impact the market practice might have on retail investors' interests where the market practice concerns financial instruments traded on UK markets in which retail investors participate;

  2. (b)

    whether the market practice increases the probability of retail investors to find counterparties in low-liquidity financial instruments, without increasing the risks borne by them.