matched principal broker

19a firm with permission to deal in investments as principal other than:

1. (a) a bank, a building society or an ELMI; or
1. (b) a UCITS management company; or
1. (c) an insurer; or
1. (d) a local;

and which satisfies the following conditions:

1. (e) it deals as principal only to fulfil customer orders;
1. (f) it holds positions for its own account only as a result of a failure to match investors' orders precisely; 19
1. (g) the total market value of the positions is no higher than 15% of the firm's initial capital; and
1. (h) the positions are incidental and provisional in nature and strictly limited to the time required to carry out the transaction in question.