For the purposes of this Regulation, the following definitions apply:
((a))(a) ‘clearing member’ means an undertaking as defined in point (14) of Article 2 of Regulation (EU) No 648/2012 of the European Parliament and of the Council (^{1});(^{4});
((b))(b) ‘exchange-traded fund (ETF)’ means a fund as defined in point (46) of Article 4(1) of Directive 2014/65/EU of the European Parliament and of the Council (^{2});(^{5});
((c))(c) ‘execution of orders’ means ‘execution of orders on behalf of clients’ as defined in point (5) of Article 4(1) of Directive 2014/65/EU;
((d))(d) ‘retail client’ means a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU;
((e))(e) ‘settlement instruction’ means a transfer order as defined in point (i) of Article 2 of Directive 98/26/EC of the European Parliament and of the Council (^{3});(^{6});
((f))(f) ‘trading party’ means a party acting as principal in a securities transaction referred to in point (c) of the first subparagraph of Article 7(10) of Regulation (EU) No 909/2014;
((g))(g) ‘trading venue member’ means a member of, or a participant to, a trading venue.