This may take place where Investment Firms offer daily aggregated dealing as a cost effective option for retail clients.
Example 62
Two clients of a Spanish Investment Firm X decide to buy the same financial instrument, Client A for a value of EUR 400 and Client B for a value of EUR 200. Trader 1 sends the aggregated order for value of EUR 600 to Investment Firm Y. Trader 4 executes the order in one execution on Trading Venue M on 24 June 2018 at 14:25:30.1264 for five units of the instrument at a price of EUR 120 and confirms the completed execution to Investment Firm X. Investment Firm X allocates three of those units to Client A with a value of EUR 360, and one unit to Client B with a value of EUR 120. The balancing unit of one instrument is allocated by the systems of Investment Firm X (‘ALGOABC’) to its own account with the intention to sell it when possible. This holding is for administrative purposes rather than being intended as a proprietary investment.
Investment Firm X
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