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  • Programme Trading

    • BC-9.9.23

      Before an Islamic bank licensee executes a programme trade, it must disclose to its customer whether it will be acting as a principal or agent. An Islamic bank licensee must not subsequently act in a different capacity from that which is disclosed without the prior consent of the customer.

      Added: April 08

    • BC-9.9.24

      The term “programme trade” describes a single transaction or series of transactions executed for the purpose of acquiring or disposing of, for a customer, all or part of a portfolio or a large basket of financial instruments.

      Added: April 08

    • BC-9.9.25

      Islamic bank licensees must ensure that neither they, nor an associate, execute an own account transaction in any financial instrument included in a programme trade, unless they have notified the customer in advance that they may do this, or can otherwise demonstrate that they have provided fair treatment to the customer concerned.

      Added: April 08