Schedule 3, paragraph 9F(1)

An exchange operating an organised trading facility must— execute orders on that facility on a discretionary basis in accordance with sub-paragraph (4); not execute any client orders on that facility against its proprietary capital or the proprietary capital of any entity that is part of the same group or legal person as the exchange unless in accordance with sub-paragraph (2); not operate a systematic internaliser within the same legal entity; ensure that the organised trading facility does not connect with a systematic internaliser in a way which enables orders in an organised trading facility and orders or quotes in a systematic internaliser to interact; and ensure that the organised trading facility does not connect with another organised trading facility in a way which enables orders in different organised trading facilities to interact.

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Source: legislation.gov.uk · retrieved 2026-09-04