Definitions
(Article 9(5), point (f), of Regulation (EU) No 600/2014)
For the purposes of this Regulation, the following definitions shall apply:
(a)a transaction in a derivative contract or other financial instrument contingent on the simultaneous execution of a transaction in an equivalent quantity of an underlying physical asset (Exchange for Physical or EFP);
(b)a transaction which involves the execution of two or more component transactions in financial instruments; and:
(i)which is executed between two or more counterparties;
(ii)where each component of the transaction bears meaningful economic or financial risk related to all the other components;
(iii)where the execution of each component is simultaneous and contingent upon the execution of all the other components;
(2)‘request-for-quote system’ means a trading system where the following conditions are met:
(a)a quote or quotes by a member or participant are provided in response to a request for a quote submitted by one or more other members or participants;
(b)the quote is executable exclusively by the requesting member or participant;
(c)the requesting member or market participant may conclude a transaction by accepting the quote or quotes provided to it on request;
(1)‘package‘central transaction’limit order book trading system’ means eitherany of the following:
(a)a continuous order book trading system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis;
(b)a trading system combining elements of a continuous order book trading system, as referred to in point (a), and of a periodic auction trading system, as defined in point (2);
(2)(3) ‘voice‘periodic auction trading system’ means a trading system wherethat transactionsmatches betweenorders memberson arethe arrangedbasis throughof voicea negotiation.periodic auction and a trading algorithm operated without human intervention.