Whenever an Authorised Firm acts as principal (even in the context of activity normally described as 'broking' or 'customer business'), positions should be assigned to the Trading Book. This applies even if the nature of the business means that the only risks being incurred by the Authorised Firm are Counterparty Risks (that is, no Market Risk Capital Requirements apply).
Derived from RM111/2012
(Made 15th October 2012). [VER20/12-12]