MIR 3.5.7

Waivers from Rule 3.5.1 may be granted by the Regulator in respect of Shares, depository receipts, ETFs, Certificates and other similar Financial Instruments, for any of the following:
(a) systems matching orders based on a trading methodology by which the price of the Financial Instrument is derived from a reference price generated by another trading venue or the most relevant market in terms of liquidity, where that reference price is widely published and is regarded by Members as a reliable reference price;
(b) systems that formalise negotiated transactions, which are:
(i) made at, or within, the current volume weighted spread reflected on the order book or the quotes of the market makers, subject to a volume cap to be determined by the Regulator to ensure that the use of this waiver does not unduly harm price formation;
(ii) where the Financial Instrument does not fall within the meaning of a liquid market, and are dealt within a percentage of a suitable reference price, being a percentage and a reference price set in advance by the Recognised Investment Exchange; or
(iii) subject to conditions other than the current market price of that Financial Instrument, being;
A. a transaction related to an individual Financial Instrument in a portfolio trade; or
B. a volume weighted average price transaction.
(c) orders that are large in scale compared with normal market size, as set out in Rule 3.5.11; or
(d) orders held in an order management facility of the Recognised Investment Exchange pending disclosure.