Home FCA Handbook MAR MAR 11A MAR 11A.5 Order management facility waiver
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MAR 11A.5 Order management facility waiver

30/03/2026R

Article 3 of MiFIR does not apply in respect of orders held in an order management facility of a trading venue pending disclosure.  

30/03/2026R

MAR 11A.5.1R applies in respect of an order which:

  1. (1) is intended to be disclosed to the order book operated by a trading venue and is contingent on objective conditions that are predefined by the system’s protocol;
  2. (2) cannot interact with other trading interests prior to disclosure to the order book operated by a trading venue; and
  3. (3) once disclosed to the order book, interacts with other orders in accordance with the rules applicable to orders of that kind at the time of disclosure.
30/03/2026R

Where a portion of a quantity of an aggressive order has executed against the disclosed quantity of a reserve order and other disclosed orders in the order book of a trading venue, MAR 11A.5.1R applies to the non-disclosed quantity of the reserve order held in a trading venue's order management facility.

30/03/2026R

Where MAR 11A.5.3R applies, the non-disclosed quantity of the reserve order can be executed against the remainder of the quantity of the aggressive order.

30/03/2026R

An ‘aggressive order’, for the purposes of MAR 11A.5.3R, is a limit order that has been disclosed in the order book of a trading venue and which initiates trades.

30/03/2026R

A ‘reserve order’, for the purposes of MAR 11A.5.3R, is a limit order consisting of: 

  1. (1) a disclosed order relating to a portion of a quantity in the order book of a trading venue; and
  2. (2) a non-disclosed order relating to the remainder of the quantity where the non-disclosed quantity is held in the order management facility of a trading venue.