Chapter V: Organised trading systems

The operator of the organised trading system establishes the rules of the system. These transparent rules ensure a fair and orderly trading process and set objective criteria for the efficient execution of orders on the system. They shall also set the conditions for client admission in accordance with the provisions of Article L. 425-8. The rules of the system, and any amendments thereto, shall be approved by the Autorité des…

The provisions of Articles L. 533-11 to L. 533-16, L. 533-18, L. 533-19, L. 533-24 and L. 533-24-1 are applicable to transactions concluded on an organised trading system.

I.-The operator of an organised trading system shall take all measures necessary to comply with the prohibition set out in Article L. 420-2 for the execution of members’ orders on the system, whether by committing its own capital or the capital of any other legal entity belonging to the group to which it belongs. II – The operator of an organised trading system may not carry on the business of…

I. – By way of exception to I of Article L. 425-4, after obtaining the consent of the client concerned, the operator of the organised trading system may trade by matching with interposition of the proprietary account when the transactions concern : 1° Financial instruments referred to in 1°, products referred to in 2° and units referred to in 3° of Article L. 425-1; 2° Derivatives referred to in 4°…

The operator of the organised trading system may use an investment services provider other than a portfolio management company to act as a market maker within the meaning of 2° of Article L. 531-2 on the organised trading system on an independent basis. For the purposes of this article, a market maker is not considered to be acting independently if it has close links with the operator of the organised…