exempt market maker
A person who is registered as a market maker with the London Stock Exchange in relation to the securities in the target company or, if applicable, the bidder, or is accepted by the Panel on Takeovers and Mergers as a market maker in those securities, and, in either case, is recognised by the Panel as an exempt market maker for the purposes of the City Code on Takeovers and Mergers.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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