• Waivers based on market model and type of order or transaction

    • MIR 3.5.7

      Waivers from Rule 3.5.1 may be granted by the Regulator in respect of Shares, depository receipts, ETFs, Certificates and other similar Financial Instruments, for any of the following:
      (a) systems matching orders based on a trading methodology by which the price of the Financial Instrument is derived from a reference price generated by another trading venue or the most relevant market in terms of liquidity, where that reference price is widely published and is regarded by Members as a reliable reference price;
      (b) systems that formalise negotiated transactions, which are:
      (i) made at, or within, the current volume weighted spread reflected on the order book or the quotes of the market makers, subject to a volume cap to be determined by the Regulator to ensure that the use of this waiver does not unduly harm price formation;
      (ii) where the Financial Instrument does not fall within the meaning of a liquid market, and are dealt within a percentage of a suitable reference price, being a percentage and a reference price set in advance by the Recognised Investment Exchange; or
      (iii) subject to conditions other than the current market price of that Financial Instrument, being;
      A. a transaction related to an individual Financial Instrument in a portfolio trade; or
      B. a volume weighted average price transaction.
      (c) orders that are large in scale compared with normal market size, as set out in Rule 3.5.11; or
      (d) orders held in an order management facility of the Recognised Investment Exchange pending disclosure.

    • MIR 3.5.8

      For Financial Instruments not covered by Rule 3.5.7, waivers may be granted by the Regulator for any of the following:
      (a) orders that are large in scale compared with normal market size;
      (b) orders held in an order management facility of the Recognised Investment Exchange pending disclosure; or
      (c) Financial Instruments for which there is not a liquid market.