alternative trading system

7a system that brings together multiple buying and selling interests in designated investments (other than life policies, personal pension schemes, 31stakeholder pension schemes or rights to or interests in any of those investments31), in the system and according to non-discretionary rules set by the system's operator in a way that results in a contract but does not include:

1. (a) a system that is operated by an RIE or that is a31 regulated market or an EEA commodities market; or
1. (b) a bilateral system.