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COBS 11.4 Client limit orders

Obligation to make unexecuted client limit orders public

03/01/2018R

Unless a client expressly instructs otherwise, a firm must, in the case of a client limit order in respect of shares admitted to trading on a regulated market or traded on a trading venue which is not immediately executed under prevailing market conditions, take measures to facilitate the earliest possible execution of that order by making public immediately that client limit order in a manner which is easily accessible to other market participants.

[Note: article 28(2) of MiFID]

03/01/2018G

In respect of transactions executed between eligible counterparties, the obligation to disclose client limit orders should only apply where the counterparty is explicitly sending a limit order to a firm for its execution.

[Note: recital 105 to MiFID]

How client limit orders may be made public

23/10/2025R

A client limit order in respect of shares admitted to trading on a regulated market or traded on a trading venue which have not been immediately executed under prevailing market conditions as referred to in COBS 11.4.1R is considered available to the public when the investment firm has submitted the order for execution to a regulated market or a MTF or the order has been published by a person authorised to provide data reporting services under the DRS Regulations and can be easily executed as soon as market conditions allow.

03/01/2018G

Firms may comply with the obligations in COBS 11.4.1R, to make public unexecuted client limit orders, by transmitting the client limit order to a trading venue.

[Note: article 28(2) of MiFID]

Orders that are large in scale

03/01/2018R

The obligation in COBS 11.4.1R to make public a limit order is disapplied in respect of transactions that are large in scale compared with normal market as determined under article 4 of MiFIR.

[Note: article 28(2) of MiFID]