These rules apply when you are trading with money that is not yours - as a fund manager, hedge fund trader, broker etc. Intermediaries make up 99.9% of the mar

These rules apply when you are trading with money that is not yours - as a fund manager, hedge fund trader, broker etc. Intermediaries make up 99.9% of the market because very few individuals would bother paying to connect to a dozen stock exchanges if the can pay a broker a few bucks to do their trade instead.