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MAR 6.1 Application

Who and what?

MAR 6.1.1 R RP

MAR 6.3A (Quality of execution) and MAR 6.4A (Quotes in respect of non-equity instruments) apply to the following firms when dealing in the United Kingdom:2

  1. (1)

    a MiFID investment firm which is a systematic internaliser2; or

  2. (2)

    a third country investment firm which is a systematic internaliser2.

[Note: article 35(8) of MiFID]2

MAR 6.1.2 R RP

The systematic internaliser reporting requirement in MAR 6.4.1 R applies to an investment firm which is authorised by the FCA .

[Note: articles 15(1) and 18(4) of MiFIR]2

Status of EU provisions as rules in certain instances

MAR 6.1.3 R


MAR 6.1.4 R RP

2 GEN 2.2.22AR applies to ensure that a third country investment firm should not be treated in a more favourable way than an EEA firm.

MAR 6.2 Purpose

MAR 6.2.1 G RP

The purpose of this chapter is to implement article 27(3)1of MiFID, which deals with the requirements on systematic internalisersto make available to the public data relating to the quality of execution of transactions1. It also provides a rule (MAR 6.4.1R)1requiring investment firms to notify the FCA when they become, or cease to be, a systematic internaliser, and which gives effect to articles 15(1) and 18(4)1 of MiFIR. Finally, MAR 6.4A.1R makes clear that a firm is not subject to the publication obligations of article 18 of MiFIR if it satisfies the conditions set out in that rule.1

MAR 6.3 Criteria for determining whether an investment firm is a systematic internaliser [deleted]


MAR 6.3A Quality of execution

MAR 6.3A.1 R RP

1A systematic internaliser must make available the data in MAR 6.3A.2R to the public in the following manner:

  1. (1)

    at least on an annual basis; and

  2. (2)

    without any charges.

MAR 6.3A.2 R RP

MAR 6.3A.1R applies to data relating to the quality of execution of transactions on that venue, including details about price, costs, speed and likelihood of execution for individual financial instruments.

[Note: article 27(3) of MiFID, MiFID RTS 27 and MiFID RTS 28]

MAR 6.4 Systematic internaliser reporting requirement

MAR 6.4.1 R RP

An investment firm1must promptly notify the FCA in writing of its status as a systematic internaliser1:

  1. (1)

    when it gains that status; or

  2. (2)

    if it ceases to have that status.

[Note:articles 15(1) and 18(4) of MiFIR1]

MAR 6.4.2 G RP

The notification under MAR 6.4.1 R can be addressed to the firm's usual supervisory contact at the FCA .

MAR 6.4A Quotes in respect of non-equity instruments

MAR 6.4A.1 R RP

1An investment firm is not subject to the publication obligations of article 18 of MiFIR if:

  1. (1)

    it makes an assessment in writing certifying that it meets the conditions specified and measures adopted under article 9 of MiFIR for the waiver; and

  2. (2)

    the FCA has not objected to the assessment.

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


MAR 6.6 Size and content of quotes [deleted]


MAR 6.7 Prices reflecting prevailing market conditions [deleted]


MAR 6.8 Liquid market for shares, share class, standard market size and relevant market [deleted]


MAR 6.9 Publication of quotes [deleted]


MAR 6.10 Execution price of retail client orders [deleted]


MAR 6.11 Execution price of professional client orders [deleted]


MAR 6.12 Execution price of client orders not matching quotation sizes [deleted]


MAR 6.13 Standards and conditions for trading [deleted]


MAR 6.14 Limiting risk of exposure to multiple transactions [deleted]