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  1. Point in time
    2006-11-07

mark-up or mark-down

  1. 38(a) (when a firm receives a customer order and takes a principal position in the relevant investment in order to fulfil that customer order (that is, when the firm takes a principal position in the relevant investment which it would not otherwise take, except to fulfil that customer order)) the difference, if any, between:
    1. (i) the price at which the firm takes a principal position in the relevant investment in order to fulfil that customer order; and
    2. (ii) the price at which the firm executes the transaction with its customer;
  2. (b) (when a firm executes a customer order against its own book and owes a duty of best execution) the difference between:
    1. (i) the price at which best execution would be achieved; and
    2. (ii) the price at which the firm executes the transaction with its customer.