• Electronic access

    • MIR 2.8.7

      A  Recognised  Body may  only  permit  a Member  to  provide  its  Clients Direct Electronic Access to the Recognised Body's facilities where: 

      (a) the  Clients meet  the  suitability  criteria established  by  the Member in  order  to meet the requirements in Rule 2.8.8;
      (b) the  Member  retains  responsibility  for  the  orders  and  trades  executed  by  the Clients who are using Direct Electronic Access; and
      (c) the  Member  has  adequate  mechanisms  to  prevent  the  Clients  placing  or executing orders using Direct Electronic Access in a manner that would result in the Member exceeding its position or margin limits.

    • MIR 2.8.8

      A  Recognised  Body  which  permits  its  Members  to  allow  their  Clients  to  have  Direct Electronic Access to its trading facilities must:

      (a) set  appropriate  standards  regarding  risk  controls  and  thresholds  on  trading through Direct Electronic Access;
      (b) be able to identify orders and trades made through Direct Electronic Access; and
      (c) if  necessary,  be  able  to  stop  orders  or  trades  made  by  a  Client  using  Direct Electronic Access provided by the Member without affecting the other orders or trades made or executed by that Member.

    • MIR 2.8.9 [Deleted]

      "Direct Electronic Access" means any arrangement, such as the use of the Member's trading code, through which a Member or the clients of that Member are able to transmit orders relating to investments directly to the facility provided by the Recognised Body.

    • MIR 2.8.10

      A Person who is permitted to have Direct Electronic Access to a Recognised Body's facilities through a Member is not, by virtue of such permission, a Member of the Recognised Body.

    • MIR 2.8.11

      The Regulator may have regard to the arrangements made to permit Direct Electronic Access to the Recognised Body's facilities and to prevent and resolve problems likely to arise from the use of electronic systems to provide indirect access to its facilities by Persons other than its Members, including:

      (a) the rules and guidance governing Members' procedures, controls and security arrangements for inputting instructions into the system;
      (b) the  rules  and  guidance  governing  the  facilities  Members  provide  to  Clients  to input instructions into the system and the restrictions placed on the use of those systems; 
      (c) the rules and practices to detect, identify, and halt or remove instructions breaching any relevant restrictions;
      (d) the quality and completeness of the audit trail of any transaction processed through an electronic connection system; and
      (e) procedures to determine whether to suspend trading by those systems or access to them by or through individual Members.