market making activities

(in accordance with regulation 9(5)(c) of the Short Selling Regulations 2025) the activities of an investment firm, a credit institution or an overseas entity where it deals as principal in a financial instrument, whether traded on or outside a trading venue, in any of the following capacities:

1. (a) by posting firm, simultaneous 2-way quotes of comparable size and at competitive prices, with the result of providing liquidity on a regular and ongoing basis to the market;
2. (b) as part of its usual business, by fulfilling orders initiated by clients or in response to clients’ requests to trade; or
3. (c) by hedging positions arising from the fulfilment of tasks under points (a) or (b).