Proprietary Dealing & Market Making

A dealer licence permits us to trade on our own account, and we use it to stand in the market as a buyer and a seller. In a young exchange, the difference between a market that works and one that does not is whether someone is willing to quote a price when nobody else will.

By committing our own capital to both sides of the book, we narrow spreads, shorten the time an investor waits for a fill, and support the continuous price discovery that makes listed securities worth holding. This is the core of what a dealer, as distinct from a pure agency broker, contributes to a capital market.

Our proprietary book is managed under a risk framework with position and exposure limits, and is operationally separated from client order handling. Client orders are never disadvantaged to benefit the firm's own positions. This separation is set out in our conflicts of interest arrangements.