Related provisions for SYSC 5.2.50
1 - 20 of 34 items.
A firm must have the ability to:(1) temporarily halt or constrain trading on the OTF if there is a significant price movement in a financial instrument on the OTF or a related trading venue during a short period; and(2) in exceptional cases, cancel, vary, or correct, any transaction.[Note: article 48(5) of MiFID]
A firm’s fee structure, for all fees it charges and rebates it grants in relation to the OTF, must:(1) be transparent, fair and non-discriminatory;
(2) not create incentives to place, modify or cancel orders, or execute transactions, in a way which contributes to disorderly trading or market abuse; and(3) impose market making obligations in individual financial instruments or suitable baskets of financial instruments for any rebates that are granted.
[Note: article 48(9) of
Nothing in MAR 5A.5.11R prevents a firm:(1) adjusting its fees for cancelled orders according to the length of time for which the order was maintained;(2) calibrating its fees to each financial instrument to which they apply;(3) imposing a higher fee: (a) for placing an order which is cancelled than an order which is executed;(b) on participants placing a high ratio of cancelled orders to executed orders; and(c) on a person operating a high-frequency algorithmic trading technique2,in
The tick size regime referred to in MAR 5A.5.14R must:(1)
be calibrated to reflect the liquidity profile of the financial instrument in different markets and the average bid-ask spread, taking into account the desirability of enabling reasonably stable prices without unduly constraining further narrowing of spreads; and
(2) adapt the tick size for each financial instrument appropriately.
[Note: article 49 of MiFID and MiFID RTS 11]
A firm must have the ability to:(1) temporarily halt or constrain trading on the MTF if there is a significant price movement in a financial instrument on the MTF or a related trading venue during a short period; and(2) in exceptional cases, cancel, vary or correct any transaction.[Note: article 48(5) of MiFID]
A firm’s fee structure, for all fees it charges and rebates it grants in relation to the MTF, must:(1) be transparent, fair and non-discriminatory;(2) not create incentives to place, modify or cancel orders, or execute transactions, in a way which contributes to disorderly trading or market abuse; and(3) impose market making obligations in individual financial instruments or suitable baskets of financial instruments for any rebates that are granted.[Note: article 48(9) of MiFID
Nothing in MAR 5.3A.11R prevents a firm:(1) adjusting its fees for cancelled orders according to the length of time the order was maintained;(2) calibrating its fees to each financial instrument to which they apply;(3) imposing a higher fee: (a) for placing an order which is cancelled than for an order which is executed;(b) on participants placing a high ratio of cancelled orders to executed orders; and(c) on a person operating a high-frequency algorithmic trading technique2,in
A firm must adopt tick size regimes in:(1) shares, depositary receipts2, exchange-traded funds, certificates and other similar financial instruments traded on the MTF; and(2) any other financial instrument which is traded on that trading venue, as required by a regulatory technical standard made under powers conferred by MiFIR3.[Note: article 49 of MiFID and MiFID RTS 11]
The tick size regime referred to in MAR 5.3A.14R must:(1) be calibrated to reflect the liquidity profile of the financial instrument in different markets and the average bid-ask spread, taking into account the desirability of enabling reasonably stable prices without unduly constraining further narrowing of spreads; and(2) adapt the tick size for each financial instrument appropriately.[Note: article 49 of MiFID and MiFID RTS 11]
1Subject to the exemptions in SYSC 10A.1.4R, this chapter applies to a firm:(1) that is a:(a) MiFID investment firm3; or(b) full-scope UK AIFM; or(c) small authorised UK AIFM or residual CIS operator; or(d) [deleted]3(e) UCITS management company; or(f) MiFID optional exemption firm, performing activities covered by the exemption; or(g) [deleted]3(h) third country investment firm; or(i) that carries on activities referred to in the general application rule related to:(i) commodity
This chapter does not apply to the carrying on of: (1) activities between operators and depositaries, of the same fund (when acting in that capacity); or(2) energy market activity and oil market activity which is not MiFID or equivalent third country business but which, if the firm carrying it on were not authorised, would not be a regulated activity because of article 16 of the Regulated Activities Order (Dealing in contractually based investments) or article 22 of the Regulated
A firm must take all reasonable steps to record telephone conversations, and keep a copy of electronic communications, that relate to the activities in financial instruments referred to in SYSC 10A.1.1R(2) (and that are not excluded by SYSC 10A.1.4R), and that are made with, sent from, or received on, equipment:(1) provided by the firm to an employee or contractor; or(2) the use of which by an employee or contractor has been accepted or permitted by the firm.[Note: article 16(7)
The telephone conversations and electronic communications referred to in SYSC 10A.1.6R include those that are intended to result in the performance of the activities in financial instruments referred to in SYSC 10A.1.1R(2), even if those conversations or communications do not in fact result in the performance of such activities.[Note: article 16(7) of MiFID, second subparagraph]
A firm must notify new and existing clients that telephone communications or conversations between the firm and its clients that result or may result in activities in financial instruments referred to in SYSC 10A.1.1R(2) (and that are not excluded by SYSC 10A.1.4R) will be recorded. The notification must be made before the provision of any investment services to new and existing clients.[Note: article 16(7) of MiFID, fourth subparagraph]
For the purposes of MAR 5A.3.5R(2), a “liquid market” means a market for a financial instrument or a class of financial instruments, where there are ready and willing buyers and sellers on a continuous basis, assessed in accordance with the following criteria, taking into consideration the specific market structures of the particular financial instrument or of the particular class of financial instruments:(1) the average frequency and size of transactions over a range of market
For an MTF to be eligible for registration as an SME growth market, the firm must have effective rules, systems and procedures which ensure that:(1) at least 50% of the issuers whose financial instruments are admitted to trading on the MTF are small and medium-sized enterprises at the time when the MTF is registered as an SME growth market, and in any calendar year thereafter;(2) appropriate criteria are set for initial and ongoing admission to trading of financial instruments
(1) Where a financial instrument of an issuer is admitted to trading on one SME growth market, the financial instrument must not be traded on another SME growth market unless the issuer has been informed and has not objected. (2) In the case of (1), the issuer shall not be subject to any obligation relating to corporate governance or initial, ongoing or ad hoc disclosure with regard to the latter SME growth market.[Note: article 33(7) of MiFID]
1A firm must have:(1) transparent rules and procedures for fair and orderly trading; [Note: article 18(1) of MiFID](2) objective criteria for the efficient execution of orders2;[Note: article 18(1) of MiFID](3) arrangements for the sound management of the technical operations of the facility, including the establishment of effective contingency arrangements to cope with the risks of systems disruption;[Note: article 18(1) of MiFID](4) transparent rules regarding the criteria for
A firm must:(1) ensure the OTF has at least three materially active members or users who each have the opportunity to interact with all the others in respect of price formation;[Note: article 18(7) of MiFID](2) provide the following to the FCA: (a) a detailed description of the functioning of the OTF, including any links to or participation by a regulated market, an MTF or OTF or systematic internaliser owned by the same firm; and(b) a list of its members, participants and users;
1A firm4 must have:(1) transparent4 rules and procedures for fair and orderly trading;[Note: articles 18(1) and 19(1)4of MiFID](2) objective criteria for the efficient execution of orders which are established and implemented in non-discretionary rules4; [Note: articles 18(1) and 19(1)4 of MiFID](2A) arrangements for the sound management of the technical operations of the facility, including the establishment of effective contingency arrangements to cope with the risks of systems
4A firm must:(1) ensure the MTF has at least three materially active members or users who each have the opportunity to interact with all the others in respect of price formation;[Note: article 18(7) of MiFID](2) have arrangements to ensure it is adequately equipped to manage the risks to which it is exposed, to implement appropriate arrangements and systems to identify all significant risks to its operation and put in place effective measures to mitigate those risks;[Note: article
11SYSC 5.1.5ABR applies to a common platform firm and a third country firm:(1) in relation to its MiFID or equivalent third country business;(2) in respect of any natural persons (“relevant individuals”) who, on behalf of the firm:(a) make personal recommendations to clients in relation to financial instruments or structured deposits; or(b) provide information to retail clients or professional clients about financial instruments, structured deposits, investment services or ancillary
Where, for any reason, an RIE halts trading in a financial instrument on a trading venue which is material in terms of liquidity in that financial instrument,4it must immediately give the FCA3notice of that event, particulars of that financial instrument4, and the reasons for the action taken.[Note: article 48(5) of MiFID and MiFID RTS 12]43
1When a UK RIE suspends trading on a trading venue4 in any financial instrument, it must immediately give the FCA3notice of that event and relevant information including particulars of that financial instrument and the reasons for the action taken. [Note: articles 32(2) and 52(2), paragraph 14 of MiFID. REC 2.6.6UK(4)5 requires that the FCA be notified when a trading suspension for a financial instrument is lifted or a financial instrument is re-admitted to trading. MiFID ITS
The original purpose of this chapter was to implement2 Title V of MiFID which2 sets out harmonised market data services authorisation and supervision requirements. These are designed to ensure a necessary level of quality of trading activity information across EU financial markets for users, and for competent authorities the regulator2 to receive accurate and comprehensive information on relevant transactions. These requirements provide for:(1) approved publication arrangements
2A firm in SUP 17A.1.1.R(4) may use a third party technology provider to submit to the FCAfinancial instrument reference data in respect of a financial instrument traded on its system provided that it does so in a manner consistent with MiFID and MiFIR. Firms will retain responsibility for the completeness, accuracy and timely submission of the data. A firm should be the applicant for, and should complete and sign, the FCA MDP on-boarding application form.
1A firm must: (1) report to the FCA any:(a) significant breaches of the firm’s rules;
(b) disorderly trading conditions;
(c) conduct that may involve market abuse; and
(d) system disruptions in relation to a financial instrument;
(2) supply the information required under this rule without delay to the FCA and any other authority competent for the investigation and prosecution of market abuse; and
(3) provide full assistance to the FCA, and any other authority competent for the
1A UK RIE5 and a RAP6 must immediately notify the FCA3of:23(1) significant breaches of its rules; or(2) disorderly trading conditions on any of its marketsor auctions; or42(3) 4conduct that may indicate behaviour prohibited under the Market Abuse Regulation; or(4) 4system disruptions in relation to a financial instrument.[Note:article 31(2)4, first sentence (part) andarticle 54(2)4, first sentence (part) of MiFID. The rest of article 31(2)4, first sentence (in so far as it relates
1A firm must:
(1) not exercise any power under its rules to suspend or remove from trading any financial instrument which no longer complies with its rules, where such a step would be likely to cause significant damage to the interest of investors or the orderly functioning of the trading venue;
(2) where it does suspend or remove from trading a financial instrument, also suspend or remove derivatives that relate or are referenced to that financial instrument, where necessary
1A firm must:(1) not exercise any power under its rules to suspend or remove from trading any financial instrument which no longer complies with its rules, where such a step would be likely to cause significant damage to the interest of investors or the orderly functioning of the trading venue;(2) where it does suspend or remove from trading a financial instrument, also suspend or remove derivatives that relate, or are referenced, to that financial instrument, where necessary