how discretion will exercised in executing client orders, and in particular when an order to the organized trading facility may be retracted and when and how two or more client orders will be matched within the facility; and

A strict technical definition of focal length is difficult without providing a lot of background in lens theory, so we will use a simplification. You can think of focal length as the distance between the imaging plane (e.g. the image chip in a digital camera) and a point where all light rays intersect inside the lens (the ‘optical center’). So a focal length of 20mm means that the distance from the optical center to the imaging plane is 20mm long (about ¾ of an inch). What does the focal length number mean?

The [UK RIE] must maintain arrangements to provide sufficient publicly available information (or satisfy itself that sufficient information is publicly available) to enable users of the organised trading facility operated by it to form investment judgements, taking into account both the nature of the users and the types of instruments traded.

The rules of the [UK RIE] must provide that where it, without obtaining the consent of the issuer, admits to trading on an organised trading facility operated by it a transferable security which has been admitted to trading on a regulated market, the [UK RIE] may not require the issuer of that security to demonstrate compliance with the disclosure obligations.

The requirements of this paragraph do not apply for the purposes of section 292(3)(a) of the Act (requirements for overseas investment exchanges and overseas clearing houses).

A camera typically has focal length in a range of 10mm to 500mm.  Different types of camera can have different ranges and speciality lenses can extend outside this range as well.  A 10mm focal length would be a very wide lens (capturing a lot of the scene), and 500mm would be a very narrow lens (capturing only a small part of the scene – giving a large magnification like binoculars or a telescope).

Where an exchange-operated SME growth market exchange admits a financial instrument to trading in the circumstances of paragraph (2), that exchange-operated SME growth market may not require the issuer of the financial instrument to demonstrate compliance with -

An exchange5 operating a multilateral trading facility or an organised trading facility3 must comply with those requirements of-

Let’s say you take a picture of an automobile with two cameras, a 35mm film camera and a smartphone camera. You stand in the same spot and take two photos, one with each camera. In both cases you want to take a photo of the automobile that fills the frame. If the 35mm film camera lens has a 50mm focal length, the digital camera’s focal length might be 4mm. So even though they are very different numbers they produce the same result because of the size of the imaging surface. So the “equivalent 35mm focal length” for this smartphone camera at 4mm is 50mm.

The rules of the [UK RIE] must provide that where it, without obtaining the consent of the issuer, admits to trading on a multilateral trading facility operated by it a transferable security which has been admitted to trading on a regulated market, the [UK RIE] may not require the issuer of that security to demonstrate compliance with the disclosure obligations.

Cameras can have fixed lenses (sometimes called ‘prime’ lenses) which have just one focal length, or zoom lenses which allow the focal length to be varied (for example between 18mm-55mm, or 55mm-200mm). For high accuracy photogrammetric work in PhotoModeler, a fixed (or prime) wide lens (such as a 20mm lens on an APS-C frame camera) is recommended as the primary option, but different applications may require different focal lengths, and cameras with adjustable zoom lenses can still be used to achieve very good results with some extra procedural care over the focal length.

any links to another trading venue owned by the same [UK RIE] or to a systematic internaliser owned by the same exchange; and

Above we mention that focal length is related to focus distance.  Focal length is the principal distance of a camera when it is focused at infinity. In photogrammetry we are interested in the camera’s internal geometry at the time photos were taken – so it is the principal distance that we want to know precisely in photogrammetry.

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The [UK RIE] must comply with rules made by the FCA as they have effect on 1 December 20216 as to how Articles 24, 25, 27 and 28 of the markets in financial instruments directive apply to its operation of an organised trading facility.

A [UK RIE] must, when requested to do so, provide the FCA with a detailed explanation in respect of an organised trading facility operated by it, or such a facility it proposes to operate, of -

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Focal length is a number that is vital to photography and photogrammetry but often misunderstood. What is focal length?

why the organised trading facility does not correspond to and cannot operate as a multilateral trading facility, a regulated market or a systematic internaliser;

Focallength examples

(in relation to transactions in derivatives which are to be cleared pursuant to article 4 of EMIR or otherwise agreed by the relevant transacting parties to be cleared) the UK recognised body’s ability to demonstrate that its multilateral trading facility ensures such transactions are submitted and accepted for clearing as quickly as technologically practicable in accordance with article 29(2) of MiFIR and MiFID RTS 26; and

Camera manufacturers sometimes list these equivalents because some photographers are more familiar with 35mm cameras and they want to make it easier to understand. It also gives us a standard of reference for all the different format sizes. They may also list the multiplier factor. For example, the APS-C multiplier is around 1.6x.  So a 32mm lens on an APS-C camera (like the Nikon D3200) would act like a 50mm lens on a 35mm film camera. Does focusing affect the focal length?

3For the purposes of compliance with paragraph 9F(9) of the Schedule to the Recognition Requirements Regulations, MAR 5A.3.9R applies to a UK RIE as though it was a firm.

1In determining whether a UK RIE operating a multilateral trading facility (including an SME growth market) or organised trading facility)3 complies with this chapter3, the FCA will have regard to the compliance of the UK RIE with equivalent recognition requirements. A UK RIE operating such facilities should also have regard to the guidance set out in MAR 5 (Multilateral trading facilities (MTFs)) and MAR 5A (Organised trading facilities (OTFs))3.

“non-equities” means bonds, structured finance products, emissions allowances and derivatives traded on a trading venue to which Article 8(1) of the markets in financial instrument regulation applies.

When you buy a digital camera you will often see the specification “equivalent 35mm focal length”. What does this mean? Most digital cameras have imaging chips that cover much less area than a standard 35mm film frame. Since 35mm film cameras were the standard for so long in photography, much of the techniques and methods were developed around them. A 35mm film camera has a negative that is about 36mm wide by 24mm high (the “35” comes from the physical width of the film stock that is exactly 35mm wide).  A ‘normal lens’ (has a field of view that appears ‘natural’ to humans) on a 35mm film camera has a focal length of 50mm.

Note: A technical photogrammetry term that you may come across is the “Principal Distance”.  Strictly, the Principal Distance is the distance mentioned above (i.e. distance from imaging plane to the lens optical sensor), and the focal length is the principal distance when the lens is focused at infinity. See below for more information on focus vs focal length. When PhotoModeler lists focal length for a camera, it is actually the Principal Distance that is shown.

If the [UK RIE] engages in matched principal trading in accordance with sub-paragraph (2)(a) it must establish arrangements to ensure compliance with the definition of matched principal trading5.

Focallength camera

A [UK RIE] operating a multilateral trading facility or organised trading facility must provide the FCA with a detailed description of -

derivatives which have not been declared subject to the clearing obligation in accordance with Article 5 of the EMIR regulation,

Any multilateral trading facility or an organised trading facility operated by the [UK RIE] must have at least three materially active members or users who each have the opportunity to interact with all the others in respect of price formation.

The focal length number tells us how much of the scene is captured in the picture. The lower the number the wider the view, and the more we can see.  The higher the number, the narrower the view, and the less we can see.   This is illustrated below – where the camera is stationary and the focal length (in white numerals) changes:

any EU regulation originally made under Chapter 1 of the markets in financial instruments directive which is retained direct EU legislation, or any subordinate legislation (within the meaning of the Interpretation Act 1978) made under those provisions on or after IP completion day;5

ensure that the organised trading facility does not connect with a systematic internaliser in a way which enables orders in an organised trading facility and orders or quotes in a systematic internaliser to interact; and

The [UK RIE] must maintain arrangements to provide sufficient publicly available information (or satisfy itself that sufficient information is publicly available) to enable users of a multilateral trading facility operated by it to form investment judgements, taking into account both the nature of the users and the types of instruments traded.

3In paragraphs 9H(1) and (2) of the Schedule to the Recognition Requirements Regulations where the UK RIE must provide information in respect of an organised trading facility operated by it, such information must be provided to the FCA in writing and delivered by any one of the methods set out in REC 3.2.3R.

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[Note: MiFID ITS 19 prescribes the content and format of the description of the functioning of a MTF or OTF to be provided to the FCA]3

PhotoModeler is one of the leading tools for photogrammetry (the science of generating measurements and accurate 3d data from photography).

any provisions of the law of the United Kingdom relied on by the United Kingdom before IP completion day to implement Chapter 1 of Title II of the markets in financial instruments directive—5

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Articles 64 to 66 of Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive;5

[A UK RIE] operating a multilateral trading facility or an organised trading facility3 must also operate a regulated market3.

the rules and practices relating to clearing and settlement including its arrangements with another person for the provision of clearing and settlement services, and where relevant the degree of oversight or supervision already exercised by central banks or other supervisory authorities with respect to such other provider of clearing and settlement services;

not execute any client orders on that facility against its proprietary capital or the proprietary capital of any entity that is part of the same group or legal person as the [UK RIE] unless in accordance with sub-paragraph (2);

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an investment firm which has permission under Part 4A of the Act to carry on a regulated activity which is an investment service or activity5;

There is some ability to calibrate a camera (which solves the principal distance) at one focus and execute your photogrammetric project at another focus.  The actual discrepancy that is acceptable depends on your accuracy requirements and how much the focus changes.  Generally a calibration done at 2m/6ft focus distance is acceptable for projects up to infinite focus (again depending on accuracy requirements), but may not be acceptable for a project where the focus distance was 50cm/20in.

All lenses have a stated or specified focal length value (or range of values for a zoom lens). This printed number is actually its nominal length or the principal distance when the lens is focused at infinity. As you focus on objects that are closer to the camera, the principal distance changes.  So for example, a 50mm lens focused on an object a few feet away might have a principal distance of 55mm lens at that time. The most extreme example of this is with a macro setting (a lens setting that allows you to focus on very close, very small objects, under 5″ in size for example). A lens that has a 50mm nominal focal length (so a 50mm principal distance when focused at infinity) might in fact have a 100mm principal distance when focused at a few inches! This is why it is good with photogrammetry (where precise geometry is needed) to calibrate a camera at the distance you will be working with.

Modern digital cameras can have imaging chips that are as small as 6mm by 4mm; some Smartphone cameras are even smaller, and then up to full 24mm by 35mm size.  A very common size is the APS-C format at 16mm by 24mm. This smaller size affects what is considered to be a ‘normal’ focal length.

has sufficient resources for the role it is to perform, taking account of the financial arrangements the [UK RIE] has established in order to guarantee the adequate settlement transactions.

Subject to the requirements of this paragraph, with regard to a system that arranges transactions in non-equities, the [UK RIE] may facilitate negotiation between clients so as to bring together two or more comparable potentially trading interests in a transaction.

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4For the purposes of complying with the requirement set out in paragraph 9E of the Schedule to the Recognition Requirement Regulations (SME Growth Markets), the rules set out by the FCA in MAR 5.10 (Operation of an SME growth market) apply to a UK RIE operating a multilateral trading facility as an SME growth market, as though it was an investment firm.

A [UK RIE] operating an SME growth market5 (an “exchange-operated SME growth market”) must comply with rules made by the FCA for the purposes of this paragraph as they have effect on IP completion day5.

Nothing in this paragraph prevents a [UK RIE] from engaging an investment firm to carry out market making on an independent basis on an organised trading facility operated by the [UK RIE]provided the investment firm does not have close links with the [UK RIE].

A [UK RIE] must have non-discretionary rules for the execution of orders on a multilateral trading facility operated by it.

The second discretion is whether to match a specific client order with other orders available on the organised trading facility at a given time, provided the exercise of such discretion is in compliance with specific instructions received from the client and in accordance with the [UK RIE’s] obligations under—5

dealing on own account on an organised trading facility operated by it, otherwise than in accordance with sub-paragraph (a), in respect of sovereign debt instruments for which there is not a liquid market.

Any information required under sub-paragraph (1) must be provided to the FCA in the manner which it considers appropriate.

Learn how to use PhotoModeler with your camera to create detailed digital models: www.photomodeler.com/products/why.html

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The rules of the [UK RIE] about access to, or membership of, a multilateral trading facility regulated market operated by it must permit the [UK RIE] to give access to or admit to membership to (as the case may be) only -3

3In determining whether there are satisfactory arrangements for securing the timely discharge of the rights and liabilities of the parties to transactions effected on its multilateral trading facility, the FCA may have regard to:

In many cases though, the advantages of using focus (i.e. crisp targets and distinct features) with subtle effects on principal distance/focal length, outweigh the advantages of keeping focus and principal distance constant (i.e. potentially causing blur in some photos taken at a different distance).

The discretion which the [UK RIE] must exercise in executing a client order may only be the discretion mentioned in sub-paragraph (5) or in sub-paragraph (6) or both.

Where the organised trading facility crosses client orders the [UK RIE] may decide if, when and how much of two or more orders it wants to match within the system.

An exchange-operated SME growth market must not admit to trading a financial instrument which is already admitted to trading on another SME growth market unless the issuer of the instrument has been informed of the proposed admission to trading and has not objected.

(in relation to other types of transactions effected on the UK recognised body’s multilateral trading facility) the following factors:

ensure that the organised trading facility does not connect with another organised trading facility in a way which enables orders in different organised trading facilities to interact.