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whose check record covers it"},"unit":{"locator":"spaces/mifid-ii/level-2/rts/2017-578-the-requirements-on-market-making-agreements-and-schemes/art-1","kind":"article","key":"1","heading":"Article 1 — Obligation for investment firms to enter into a market making agreement","text":"## <a id=\"art-1\"></a>Article 1 — Obligation for investment firms to enter into a market making agreement\n\n1. <a id=\"art-1-p-1\"></a>Investment firms shall enter into a market making agreement regarding the financial instrument or instruments in which they pursue a market making strategy with the trading venue or venues at which this strategy takes place where, during half of the trading days over a one month period, in execution of the market making strategy, they:\n\n    <a id=\"art-1-p-1-a\"></a>**(a)** post firm, simultaneous two-way quotes of comparable size and competitive prices\n\n    <a id=\"art-1-p-1-b\"></a>**(b)** deal on their own account in at least one financial instrument on one trading venue for at least 50 % of the daily trading hours of continuous trading at the respective trading venue, excluding opening and closing auctions.\n\n1. <a id=\"art-1-p-2\"></a>For the purposes of paragraph 1:\n\n    <a id=\"art-1-p-2-a\"></a>**(a)** a quote shall be deemed to be a firm quote where it includes orders and quotes that under the rules of a trading venue can be matched against an opposite order or quote;\n\n    <a id=\"art-1-p-2-b\"></a>**(b)** quotes shall be deemed simultaneous two-way quotes if they are posted in such a way that both the bid and the ask-price are present in the order book at the same time;\n\n    <a id=\"art-1-p-2-c\"></a>**(c)** two quotes shall be deemed of comparable size when their sizes do not diverge by more than 50 % from each other;\n\n    <a id=\"art-1-p-2-d\"></a>**(d)** quotes shall be deemed to have competitive prices where they are posted at or within the maximum bid-ask range set by the trading venue and imposed upon every investment firm that has signed a market making agreement with that trading venue.\n\n","marks":[],"text_hash":"7e908d72a2baa22c61cd146e497b807fe94c7a3dab14f48b74eb7bf2e710625e","revision":1}}