Home FCA Handbook SSR SSR 5 SSR 5.4 The market maker exemption
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SSR 5.4 The market maker exemption

13/07/2026R

Subject to the provisions in this chapter (including in particular SSR 5.5 and SSR 5.6), SSR 2.3.1R and SSR 3.3.1R do not apply to short selling activity when performed due to market making activities, provided that the person performing market making activities is: 

  1. (1) an investment firm, credit institution or overseas entity (acting as an investment firm or credit institution in that jurisdiction); and
  2. (2) a member of:
    1. (a) a UK trading venue; or
    2. (b) a trading venue in a country or jurisdiction other than the UK designated under Part 3 of the Short Selling Regulations 2025.
13/07/2026G

The exemption provided in SSR 5.4.1R for the purposes of SSR is called the market maker exemption.