- (1) A regular and ongoing presence on the market would, in the FCA’s view, mean that market making activities should be undertaken on either a monthly or daily basis for at least 80% of the overall trading time. This time presence may be reduced in cases of abnormal market situations as defined under the rules of the relevant trading venue. For those liquid shares whose price is determined solely by auction on a trading venue, the concept of regular and ongoing time presence does not have a meaning comparable to that prevailing for those shares for which trading is carried out on a continuous basis. In such cases, the regular and ongoing presence criterion will be assessed at least against the standards defined for market makers/liquidity providers in the admitted share by rules of the trading venue where the instrument is admitted to trading. To rely on the market maker exemption for these admitted shares, the person should issue competitive buy and sell orders during the pre-opening auction call phase such that their quotes are present when the auction concludes and the closing price for the instrument is determined.
- (2) Competitive prices should be within the maximum bid/offer spreads that are required from market makers/liquidity providers recognised under the rules of the trading venue where they are posted for the relevant admitted share. In cases where that trading venue does not provide for rules on maximum bid/offer spreads for market makers or liquidity providers, reference can be made to the requirements laid down in the rules for market makers/liquidity providers by another trading venue where the relevant admitted share is actively traded. Where this alternative is not possible, as a last resort, competitive price is to be measured as a proportion of the average spread observed on the concerned admitted share in the venue where the admitted share is traded. Any asymmetry between the prices of bids and offers will be considered in light of the guidance in SSR 5.14.3G.
- (3) The size of the orders posted by market makers on the order or quote book should not be smaller than those required from market makers/liquidity providers recognised under the rules of the trading venue where the admitted shares concerned are traded. In cases where that trading venue does not provide for rules on order or quote size for recognised market makers or liquidity providers, reference can be made to the requirements laid down in the rules for market makers/liquidity providers by another trading venue where the concerned admitted share is actively traded. Where this alternative is not possible, as a last resort, the size of the orders or quotes issued in the market making capacity should be assessed in relation to the average trading size for the concerned admitted share.
You are viewing SSR 5.15 Guidance on the application of paragraph (a) of the Glossary definition of market making activities to liquid shares as of . SSR 5.15 Guidance on the application of paragraph (a) of the Glossary definition of market making activities to liquid shares was last updated on 13/07/2026.
SSR 5.15 Guidance on the application of paragraph (a) of the Glossary definition of market making activities to liquid shares
13/07/2026G