The aggregate client account (‘INTC’) should only be used in the circumstances set out in these Guidelines. It should not be used for reporting an order for one client executed in a single execution or for an order for one client executed in multiple executions. Where there is a transfer into the aggregate client account (‘INTC’) there should be a corresponding transfer out of the aggregate client account within the same business day of the executing entity in the transaction report such that the aggregate client account is flat. The apparent movement through ‘INTC’ is a convention used for reporting to provide a link between the market side and client side of transactions and does not indicate that such a client account exists in reality or that ownership of the instrument actually passes through the Investment Firm’s books.
Article 11(2) of Commission Delegated Regulation (EU) 2017/590 provides that the short selling requirements under Regulation (EU) No 236/2012 ap
…