An investment firm authorised to execute orders on behalf of clients must implement procedures and arrangements to provide for the prompt, fair and expeditious execution of client orders relative to other client orders and the trading interests of the firm, and to allow execution of comparable client orders in accordance with the time of their receipt. For a client limit order in respect of shares admitted to trading on a regulated market or traded on a trading venue that is not immediately executed under prevailing market conditions, the firm must, unless the client expressly instructs otherwise, make the order public without delay in a manner easily accessible to other market participants; transmission of the order to a trading venue constitutes compliance.

Unless the Bank otherwise directs, the firm need not make public a client limit order where the order is large in scale compared with normal market size as determined under Article 4 of Regulation (EU) No 600/2014. The Bank may direct that this exemption does not apply either on a firm‑by‑firm basis or by a generally applicable notice.