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  1. Point in time
    2009-02-05

MAR 6.5 Obligations on systematic internalisers in shares to make public firm quotes

MAR 6.5.1R

A systematic internaliser in shares when dealing in sizes up to standard market size must publish a firm quote in relation to any share admitted to trading on a regulated market for which it is:

  1. (1)

    a systematic internaliser in that share; and

  2. (2)

    there is a liquid market for that share.

[Note: Subparagraphs 1 and 2 of Article 27(1) of MiFID]

MAR 6.5.2R

Where there is no liquid market for a share, the systematic internaliser must disclose quotes to its clients on request.

[Note: Subparagraph 1 of Article 27(1) of MiFID]

MAR 6.5.3R

A systematic internaliser may:

  1. (1)

    update a quote at any time; and

  2. (2)

    under exceptional market conditions, withdraw a quote.

[Note: Subparagraph 1 of Article 27(3) of MiFID]