Past version: effective from 14/07/2013 - 02/04/2016
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(1) In GEN Rule 2.2.2,
Operating an Exchange means operating a facility which functions regularly and brings together multiple third party buying and selling interests in Investments, in accordance with its nondiscretionary rules, in a way that can result in a contract in respect of Investments admitted to trading or traded on the facility.
(2) The facility referred to in (1) may be organised on a temporary or permanent basis and can be an order driven system, a quote driven system or a hybrid of such systems that enables the market to operate electronic trading or trading by other means.
(3) To the extent that any activity under (1) constitutes
Dealing in Investments as Agent, Arranging Credit or Deals in Investments or Arranging Custody, such Financial Services are taken to be incorporated within Operating an Exchange, provided such activity is carried out as an incidental and integral part of the activities of Operating an Exchange.