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Market making rules


The market making rules are related to both off order book trading and to order book trading.  A member firm can elect to register as a market maker in one or more securities but must be able to meet the obligations that are associated with the role.  A basic requirement is for a market maker to make prices and deal either on the order book, off the order book or both.

TradElect functionality determines some of the minimum requirements for a market maker, such as the minimum size of the quote.  The rules make reference to the Parameters where applicable.

The market maker rules cover the following topics:

  • Registration;
  • Obligations of market makers in order driven securities;
  • Exceptions to obligations of market makers in order driven securities;
  • Obligations of market makers in quote driven securities;
  • Exceptions to obligations of market makers in order driven securities;
  • Interaction with a market maker in quote driven securities;
  • Gilt-edged market makers; and
  • Fixed interest market makers.

Downloads
Rules of the London Stock Exchange(pdffile pdf - 5 MB)
Guide to TradElect(docfile doc - 884 KB)
TradElect Parameters post MiFID (xlsfile xls - 351 KB)