Document ID: chunk:federal_register_of_legislation:F2024C01108:front:0:p65
Version: federal_register_of_legislation:F2024C01108
Segment Type: other
Provision Reference: 
Character Range: 173014–175769

sale) or will be on the completion of the transaction (in the case of a purchase) beneficially owned by the Market Participant or a Prescribed Person, where the Cash Market Products beneficially owned by a Market Participant or Prescribed Person include Cash Market Products which would appear as assets on the balance sheet or consolidated balance sheet of that Market Participant or Prescribed Person; and
(b)       in relation to Derivatives Market Transactions, having an order to enter into a Derivatives Market Transaction on its own behalf or for the benefit of a Prescribed Person.

5.1.2 Exceptions
The following are not regarded as orders on a Market Participant's own account:
 1.         an order placed by a life insurance company registered under the Life Insurance Act 1995 (or equivalent State legislation) on behalf of a statutory fund;
(b)       an order placed by a Controller or a related body corporate of the Market Participant or of a Controller on behalf of clients of, or funds managed by them or their related bodies corporate.

5.1.3 Fairness and priority in dealing
A Market Participant must deal fairly and in due turn with:
 1.         clients' Orders; and
(b)       a client Order and an Order on its Own Account.

5.1.4 Relevant factors
(1) In considering whether Rule 5.1.3 has been complied with, the following factors are relevant:
 1.         the Market Participant acts in accordance with its instructions;
(b)       orders that do not involve the exercise of discretion by the Market Participant in relation to the time or price or quantity of the order are entered in a Trading Platform in the sequence in which they are received, and otherwise as expeditiously as practicable;
(c)        orders of a client (which is not a Prescribed Person) that involve the exercise of discretion by the Market Participant in relation to the time or price or quantity of the order are given preference, within the meaning of subrule (2), over Orders on the Market Participant's Own Account, unless the client otherwise consents;
(d)       if the sequence of entry of Orders into a Trading Platform is not clearly established by the time the Orders were received, and one of the Orders is for the Market Participant's Own Account, the Market Participant gives preference to the Order of a client over any order for the Market Participant's Own Account;
(e)        if the Market Participant has acted in accordance with its procedures to ensure that a person initiating, transmitting or executing an Order who 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)