MIR 3.3.3

In determining whether a Recognised Investment Exchange is ensuring that business conducted by means of its facilities is conducted in an orderly manner (and so as to afford proper protection to investors), the Regulator may have regard to whether the Recognised Investment Exchange's arrangements and practices:

(a) enable Members and clients for whom they act to obtain the best price available at the time for their size and type of trade;
(b) include procedures which enable the Recognised Investment Exchange to influence trading conditions or suspend trading promptly when necessary to maintain an orderly market; and
(c) if they include arrangements to support or encourage liquidity:
(i) are transparent;
(ii) are not likely to encourage any Person to enter into transactions other than for proper trading purposes (which may include hedging, investment, speculation, price determination, arbitrage and filling orders from any client for whom he acts);
(iii) are consistent with a reliable, undistorted price-formation process; and
(iv) alleviate dealing or other identified costs associated with trading on the Recognised Investment Exchange's markets and do not subsidise a market position of a user of its facilities.