Document ID: chunk:federal_register_of_legislation:F2024C01108:front:0:p66
Version: federal_register_of_legislation:F2024C01108
Segment Type: other
Provision Reference: 
Character Range: 175547–178404

is aware of instructions of a client (which is not a Prescribed Person) to deal in the relevant products that has not been entered in a Trading Platform does not use that information to the disadvantage of that client;
(f)        the Market Participant buys or sells for a wholesale client;
(g)       allocation of Market transactions occurs in accordance with Rule 5.1.5; and
(h)       a Market Participant's Orders on its Own Account are not knowingly interposed between Orders of its clients that would otherwise have Crossed.
(2) In paragraph (1)(c), a reference to a Market Participant giving preference to an Order of a client over an Order on the Market Participant's Own Account, means that from the time of receipt of the Order until it is fully executed, the Market Participant does not enter into, on its Own Account, a Market transaction for the same financial products on the same terms, having regard to subrule (3), unless:
 1.         the financial products are allocated to the client in accordance with paragraph 5.1.6(c); or
(b)       the financial products are allocated to the client pursuant to an allocation policy previously disclosed to the client, to which the client consents, under which the Market Participant may buy or sell (and be allocated) the same financial products on its Own Account.
(3) For the purposes of subrule (2), a limit order which cannot be executed owing to price differences is not on the same terms.
(4) A Market Participant must keep a record of any consent given by a client for the purposes of paragraph (1)(c).

5.1.5 Fairness and priority in allocation
A Market Participant must allocate Market transactions fairly.

5.1.6 Relevant factors
In considering whether Rule 5.1.5 has been complied with, the following factors are relevant:
 1.         allocation of Market transactions is immediate and automatic, unless circumstances or instructions justify later or manual allocation;
(b)       Market transactions executed pursuant to instructions (whether an Order of a client or an Order on its Own Account) are allocated in the sequence in which the Market Participant received those instructions, entered those instructions or the Market transactions were effected;
(c)        the client's instructions;
(d)       allocation of a Market transaction occurs in accordance with the disclosed allocation policy of the Market Participant; and
(e)        except as provided in these Rules or the operating rules of the Market where the transaction was executed, a Market Participant does not allocate Market transactions to fulfil all or part of an Order for its Own Account when it has an unfulfilled Order on the same terms for those Market transactions from a client.

5.1.7 Unexecuted order in Underlying Financial Products—Trading Participant not to make Bids or Offers
If a Trading Participant has or