Directive 3: Trading
 

13 Market Maker Book Fill-or-Kill (MMB-FOK)

13.1 Orders and quotes

1 The Market Maker Book Fill-or-Kill (MMB-FOK) market model shall treat orders from participants and quotes from admitted market makers differently.

2 An incoming order shall only be accepted if it can be executed in full (Fill or Kill). No transaction may be smaller than the initial denomination (minimum denomination).

3 Orders and quotes which are smaller than the initial denomination shall not be accepted.

4 Quotes which are smaller than the initial denomination after partial executions shall be deleted.




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