INMA 9B.1.10 Aggregation of customer orders — fair allocation etc
(1) For rule 9B.1.9, an INMA firm:
(a) must allocate relevant investments in accordance with the intended basis of allocation recorded under rule 9B.1.8 (c);
(b) must ensure the allocation is done fairly and uniformly by not giving excessive preference to itself or to any person for whom it deals; and
(c) if the aggregated order includes both customer orders and own account transactions — must give priority to satisfying customer orders if all the orders cannot be satisfied, unless the firm can demonstrate on reasonable grounds that without its own participation it could not have executed the customer orders on such favourable terms, or at all.
(2) The INMA firm must make a record of each of the following:
(a) the date and time of the allocation;
(b) the relevant investment;
(c) the identity of each customer affected by the aggregation;
(d) the amount allocated to each customer affected by the aggregation and to the firm;
(e) if applicable, the agreement, under rule 9B.1.9 (3) (b), of each business customer or eligible counterparty to allocate the relevant investment within 5 business days.
(3) The INMA firm must keep the records for at least 6 years after the day the relevant investments are allocated.
|Inserted by QFCRA RM/2019-4 (as from 1st January 2020).|
|Amended by QFCRA RM/2020-1 (as from 15th August 2020)|