matched principal broker
- (a) a bank, a building society or an ELMI; or
- (b) a UCITS management company; or
- (c) an insurer; or
- (d) a local;
- (e) it deals as principal only to fulfil customer orders;
- (f) it holds positions for its own account only as a result of a failure to match investors' orders precisely; 19
- (g) the total market value of the positions is no higher than 15% of the firm's initial capital; and
- (h) the positions are incidental and provisional in nature and strictly limited to the time required to carry out the transaction in question.
19a firm with permission to deal in investments as principal other than:
and which satisfies the following conditions: