- actionable indication of interest
means a message from one member or participant to another within a trading system in relation to available trading interest that contains all necessary information to agree on a trade;
- agricultural commodity derivatives
means derivative contracts relating to products listed in Article 1 of, and Annex I, Parts I to XX and XXIV/1 to, Regulation (EU) No 1308/2013 of the European Parliament and of the Council;
- ancillary services
means ancillary services as defined in Article 4(1)(3) of Directive 2014/65/EU;
- APA
means a person authorised under this Regulation to provide the service of publishing trade reports on behalf of investment firms pursuant to Articles 20 and 21;
- ARM
means a person authorised under this Regulation to provide the service of reporting details of transactions to competent authorities or to ESMA on behalf of investment firms;
- benchmark
means any rate, index or figure, made available to the public or published that is periodically or regularly determined by the application of a formula to, or on the basis of the value of one or more underlying assets or prices, including estimated prices, actual or estimated interest rates or other values, or surveys and by reference to which the amount payable under a financial instrument or the value of a financial instrument is determined.
- branch
means a branch as defined in Article 4(1)(30) of Directive 2014/65/EU;
- CCP
means a CCP within the meaning of Article 2(1) of Regulation (EU) No 648/2012;
- certificates
means those securities which are negotiable on the capital market and which in case of a repayment of investment by the issuer are ranked above shares but below unsecured bond instruments and other similar instruments;
- cleared derivatives
means
- client
means a client as defined in Article 4(1)(9) of Directive 2014/65/EU;
- close links
means close links as defined in Article 4(1)(35) of Directive 2014/65/EU;
- commodity derivatives
means those financial instruments defined in point (44)(c) of Article 4(1) of Directive 2014/65/EU;
- competent authority
means a competent authority as defined in point (26) of Article 4(1) of Directive 2014/65/EU and, for the authorisation and supervision of data reporting services providers, ESMA, with the exception of those approved reporting mechanisms (ARMs) and approved publication arrangements (APAs) with a derogation in accordance with paragraph 3 of this Article;
- core market data
means:
- credit institution
means a credit institution as defined in Article 4(1)(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council;
- CTP
means a person authorised in accordance with Title IVa, Chapter 1, of this Regulation to provide the service of collecting data from trading venues and APAs, and of consolidating those data into a continuous electronic live data stream providing core market data and regulatory data;
- data reporting services provider
means a person referred to in points (34) to (36) and a person referred to in Article 27b(2);
- dealing on own account
means dealing on own account as defined in Article 4(1)(6) of Directive 2014/65/EU;
- depositary receipts
means depositary receipts as defined in Article 4(1)(45) of Directive 2014/65/EU;
- derivatives
means those financial instruments defined in point (44)(c) of Article 4(1) of Directive 2014/65/EU;
- designated publishing entity
means an investment firm responsible for making transactions public through an APA in accordance with Article 20(1) and Article 21(1);
- ETF
means an exchange-traded fund as defined in Article 4(1)(46) of Directive 2014/65/EU;
- exchange for physical
means a transaction in a derivative contract or other financial instrument contingent on the simultaneous execution of an equivalent quantity of an underlying physical asset;
- exchange-traded derivative
means a derivative that is traded on a regulated market or on a third-country market considered to be equivalent to a regulated market in accordance with Article 28 of this Regulation, and as such does not fall within the definition of an OTC derivative as defined in Article 2(7) of Regulation (EU) No 648/2012;
- execution of orders on behalf of clients
means execution on behalf of clients as defined in Article 4(1)(5) of Directive 2014/65/EU;
- financial instrument
means a financial instrument as defined in Article 4(1)(15) of Directive 2014/65/EU;
- home Member State
means a home Member State as defined in Article 4(1)(55) of Directive 2014/65/EU;
- host Member State
means a host Member State as defined in Article 4(1)(56) of Directive 2014/65/EU;
- interoperability arrangement
means an interoperability arrangement as defined in Article 2(12) of Regulation (EU) No 648/2012;
- investment firm
means an investment firm as defined in Article 4(1)(1) of Directive 2014/65/EU;
- investment services and activities
means investment services and activities defined in Article 4(1)(2) of Directive 2014/65/EU;
- liquid market
means:
- liquidity fragmentation
means a situation in which:
- management body
means a management body as defined in Article 4(1)(36) of Directive 2014/65/EU;
- market maker
means a market maker as defined in Article 4(1)(7) of Directive 2014/65/EU;
- market operator
means a market operator as defined in Article 4(1)(18) of Directive 2014/65/EU;
- MTF
means a multilateral trading facility as defined in Article 4(1)(22) of Directive 2014/65/EU;
- multilateral system
means any system or facility in which multiple third-party buying and selling trading interests in financial instruments are able to interact;
- non-discretionary rules
means rules that leave the regulated market or the market operator or investment firm operating an MTF with no discretion as to how interests may interact.
- OTF
means an organised trading facility as defined in Article 4(1)(23) of Directive 2014/65/EU;
- package order
means an order priced as a single unit:
- package transaction
means:
- portfolio compression
means a risk reduction service in which two or more counterparties wholly or partially terminate some or all of the derivatives submitted by those counterparties for inclusion in the portfolio compression and replace the terminated derivatives with another derivative whose combined notional value is less than the combined notional value of the terminated derivatives;
- professional client
means a professional client as defined in Article 4(1)(10) of Directive 2014/65/EU;
- regulated market
means a regulated market as defined in Article 4(1)(21) of Directive 2014/65/EU;
- regulatory data
means data related to the status of systems matching orders in financial instruments and data related to the trading status of individual financial instruments;
- senior management
means senior management as defined in point (37) of Article 4(1) of Directive 2014/65/EU;
- sovereign debt
means sovereign debt as defined in Article 4(1)(61) of Directive 2014/65/EU;
- structured deposit
means a structured deposit as defined in Article 4(1)(43) of Directive 2014/65/EU;
- structured finance products
means those securities created to securitise and transfer credit risk associated with a pool of financial assets entitling the security holder to receive regular payments that depend on the cash flow from the underlying assets;
- systematic internaliser
means a systematic internaliser as defined in Article 4(1)(20) of Directive 2014/65/EU;
- third-country financial institution
means an entity, the head office of which is established in a third country, that is authorised or licensed under the law of that third country to carry out any of the services or activities listed in Directive 2013/36/EU, Directive 2014/65/EU;
- third-country firm
means a third-country firm as defined in Article 4(1)(57) of Directive 2014/65/EU;
- trading venue
means a trading venue as defined in Article 4(1)(24) of Directive 2014/65/EU;
- transferable securities
means transferable securities as defined in Article 4(1)(44) of Directive 2014/65/EU;
- wholesale energy product
means wholesale energy products as defined in Article 2(4) of Regulation (EU) No 1227/2011 of the European Parliament and of the Council;