central limit order book trading system

Definitions over time (1)

02/03/2026 – today applies on 12/11/2026 Article 1, Commission Delegated Regulation (EU) 2017/583 Scope: Whole act

For the purposes of this Regulation, the following definitions shall apply:

‘central limit order book trading system’ means any of the following: 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; 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);