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The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges , Clearing Houses and Central Securities Depositories ) Regulations 2001
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- UK Statutory Instruments
- 2001 No. 995
- SCHEDULE
- PART I
- Tick size regimes
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[F1Tick size regimesU.K.
Textual Amendments
F1Sch. paras. 3A-3H and cross-headings inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 1(6)(c) (with reg. 7)
3G.—(1) [F2Subject to sub-paragraph (1A), the exchange] must adopt tick size regimes in respect of trading venues operated by it in—
(a)shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments traded on each trading venue; and
[F3(b)any financial instrument for which technical standards are adopted by the FCA under paragraphs 24 and 25 of Part 2 of Schedule 3 to the markets in financial instruments regulation which is traded on that trading venue.]
[F4(1A) The application of tick sizes shall not prevent the exchange from matching orders that are large in scale (as determined in accordance with Article 4 of the markets in financial instruments regulation) at the mid-point within the current bid and offer prices.]
(2) The tick size regime must—
(a)be calibrated to reflect the liquidity profile of the financial instrument in different markets and the average bid-ask spread taking into account the desirability of enabling reasonably stable prices without unduly constraining further narrowing of spreads; and
(b)adapt the tick size for each financial instrument appropriately.
[F5(3) The tick size regime must comply with Commission Delegated Regulation (EU) 2017/588 of 14 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards on the tick size regime for shares, depositary receipts and exchange-traded funds.]]
Textual Amendments
F2Words in Sch. para. 3G(1) substituted (26.3.2020) by virtue of The Financial Services and Markets Act 2000 (Central Counterparties, Investment Exchanges, Prospectus and Benchmarks) (Amendment) Regulations 2020 (S.I. 2020/117), regs. 1(3), 4(2)
F3Sch. para. 3G(1)(b) substituted (31.12.2020) by The Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/662), regs. 1(3), 20(5)(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f))); 2020 c. 1, Sch. 5 para. 1(1)
F4Sch. para. 3G(1A) inserted (26.3.2020) by virtue of The Financial Services and Markets Act 2000 (Central Counterparties, Investment Exchanges, Prospectus and Benchmarks) (Amendment) Regulations 2020 (S.I. 2020/117), regs. 1(3), 4(3)
F5Sch. para. 3G(3) substituted (31.12.2020) by The Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/662), regs. 1(3), 20(5)(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f))); 2020 c. 1, Sch. 5 para. 1(1)
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