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Dubai Financial Services Authority (DFSA): Contents

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Jul 14 2013 onwards

AMI 5.7.3

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The definitive version of DFSA handbook text is the PDF version as that is the text of the instrument as made and published by the DFSA.

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(1) An Authorised Market InstitutionG may only permit a MemberG to provide its clients Direct Electronic AccessG to the Authorised Market Institution'sG trading facilities where:
(a) the clients meet the suitability criteria established by the MemberG in order to meet the requirements in (2):
(b) the MemberG retains responsibility for the orders and trades executed by the clients who are using Direct Electronic AccessG ; and
(c) the MemberG has adequate mechanisms to prevent the clients placing or executing orders using Direct Electronic AccessG in a manner that would result in the MemberG exceeding its position or margin limits.
(2) An Authorised Market InstitutionG which permits its MembersG to allow their clients to have Direct Electronic AccessG to its trading facilities must:
(a) set appropriate standards regarding risk controls and thresholds on trading through Direct Electronic AccessG ;
(b) be able to identify orders and trades made through Direct Electronic AccessG ; and
(c) if necessary, be able to stop orders or trades made by a client using Direct Electronic AccessG provided by the MemberG without affecting the other orders or trades made or executed by that MemberG .
(3) For the purposes of this Rule and elsewhere in the RulebookG , Direct Electronic AccessG means any arrangement, such as the use of the Member'sG trading code, through which a MemberG or the clients of that MemberG are able to transmit orders relating to InvestmentsG directly to the facility provided by the Authorised Market InstitutionG .
(4) For avoidance of doubt, a PersonG who is permitted to have Direct Electronic AccessG to an Authorised Market InstitutionG 's facilities through a MemberG is not, by virtue of such permission, a MemberG of the Authorised Market InstitutionG .
Derived from RM118/2013 [VER15/07-13]