auctionmeans the issuance process of the Union and Euratom debt securities based on competitive bids through an auction platform on primary market;
borrowing programmesmeans the Union and Euratom programmes involving borrowing activities on the financial markets;
credit institutionmeans credit institution as defined in Article 4, paragraph 1 (1), of Regulation (EU) No 575/2013;
debt securitiesmeans notes and/or short term financial instruments, such as treasury bills, as well as any other financial instrument, issued by the Union and/or Euratom;
European supranational issuermeans the Council of Europe Development Bank, the European Financial Stability Facility, the European Stability Mechanism, the European Investment Bank or the Nordic Investment Bank;
interdealer platformmeans a dealer to dealer electronic trading venue, established in the European Union, as defined in Article 4(1), point (24) of Directive (EU) 2014/65/EU, where primary dealers participate as market makers for secondary market trading;
investment firmsmeans investment firms as defined in Article 4(1), point 1 of Directive 2014/65/EU;
members of the primary dealer networkmeans any credit institutions or investment firms fulfilling the eligibility criteria set out in Article 4 and included in the list referred to in Article 15;
non-competitive auction allocationmeans the issuance process whereby amounts of the Union and Euratom debt securities additional to the auctioned amounts are allocated to members of the primary dealer network participating in the auction, at their request, based on a set price, within a set period of time following an auction and by using, as appropriate, an auction platform to carry out the allocation.
quotemeans firm bid and ask rates or prices placed on interdealer platforms which lead to the automatic conclusion of a transaction if corresponding bid or ask rates or prices have been provided by another participant (central limit order book);