INMA 9B.1.11 Dealing and managing — customer order priority

(1) An INMA firm must execute transactions for existing customer orders and own account transactions in relation to relevant investments fairly and in proper turn.
(2) The INMA firm does not breach subrule (1) by executing an own account transaction in relation to the relevant investments while it has an existing customer order in relation to the relevant investments if:
(a) it receives the existing customer order after it had decided to deal for itself;
(b) the employee or agent taking the decision to deal for the firm was unaware of the existing customer order when making the decision; or
(c) the firm believes on reasonable grounds that by postponing the transaction for the existing customer order it is likely to improve the terms on which the transaction for the order will be executed.
(3) If subrule (2) (c) applies, the INMA firm must take care to ensure that customer orders that are advanced because of the postponement are also treated fairly.
Inserted by QFCRA RM/2019-4 (as from 1st January 2020).