local firm

Definitions over time (1)

20/07/2006 – 20/03/2008 Article 3, Directive 2006/49/EC Scope: Whole act

1. For the purposes of this Directive the following definitions shall apply:

‘local firm’ means a firm dealing for its own account on markets in financial futures or options or other derivatives and on cash markets for the sole purpose of hedging positions on derivatives markets, or dealing for the accounts of other members of those markets and being guaranteed by clearing members of the same markets, where responsibility for ensuring the performance of contracts entered into by such a firm is assumed by clearing members of the same markets;

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No text uses this concept on 12/11/2026.