Schedule 3, paragraph 9F(2)

An exchange may only engage in— matched principal trading on an organised trading facility operated by it in respect of— where the client has consented to that; or bonds, structured finance products, emission allowances, and derivatives which have not been declared subject to the clearing obligation in accordance with Article 5 of the EMIR regulation , dealing on own account on an organised trading facility operated by it, otherwise than in accordance with paragraph (a), in respect of sovereign debt instruments for which there is not a liquid market.

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