Home FCA Handbook MAR MAR 5A MAR 5A.9 Suspension and removal of financial instruments
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MAR 5A.9 Suspension and removal of financial instruments

23/10/2025R

A firm must:

  1. (1)

    not exercise any power under its rules to suspend or remove from trading any financial instrument which no longer complies with its rules, where such a step would be likely to cause significant damage to the interest of investors or the orderly functioning of the trading venue;

  2. (2)

    where it does suspend or remove from trading a financial instrument, also suspend or remove derivatives that relate or are referenced to that financial instrument, where necessary to support the objectives of the suspension or removal of the underlying; and

  3. (3)

    make public any decision in (2) and notify the FCA of it.

[Note: article 32 of MiFID and MiFID RTS 18]

23/10/2025R

  1. (1)

     For the purposes of MAR 5A.9.1R(1), a suspension or a removal from trading of a financial instrument will be likely to cause significant damage to investors’ interests or the orderly functioning of the market in at least the following circumstances:

    1. (a)

       where it would create a systemic risk undermining financial stability, such as where the need exists to unwind a dominant market position, or where settlement obligations would not be met in a significant volume;

    2. (b)

       where the continuation of trading on the market is necessary to perform critical post-trade risk management functions when there is a need for the liquidation of financial instruments due to the default of a clearing member under the default procedures of a CCP and a CCP would be exposed to unacceptable risks as a result of an inability to calculate margin requirements;

    3. (c)

       where the financial viability of the issuer would be threatened, such as where it is involved in a corporate transaction or capital raising.

  2. (2)

     For the purposes of determining whether a suspension or a removal is likely to cause significant damage to the investors’ interest or the orderly functioning of the markets in any particular case, a firm must consider all relevant factors, including:

    1. (a)

       the relevance of the market in terms of liquidity where the consequences of the actions are likely to be more significant where those markets are more relevant in terms of liquidity than in other markets;

    2. (b)

       the nature of the envisaged action where actions with a sustained or lasting impact on the ability of investors to trade a financial instrument on trading venues, such as removals, are likely to have a greater impact on investors than other actions;

    3. (c)

       the knock-on effects of a suspension or removal of sufficiently related derivatives, indices or benchmarks for which the removed or suspended instrument serves as an underlying or constituent;

    4. (d)

       the effects of a suspension on the interests of market end users who are not financial counterparties, such as entities trading in financial instruments to hedge commercial risks

    (3)

     A firm must also take into account the factors set out in (2) when deciding not to suspend or remove a financial instrument on the basis of circumstances other than those specified in (1).