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  • Programme Trading

    • BC-2.7.23

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

    • BC-2.7.24

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

    • BC-2.7.25

      Investment firm 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 client in advance that they may do this, or can otherwise demonstrate that they have provided fair treatment to the client concerned.