Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

Article 1 Definitions

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

  1. (a)

    "order" includes all input messages, including messages on submission, modification and cancellation sent to the trading system of a trading venue, relating to an order or a quote, but excluding cancellation messages sent subsequent to:

    1. (i)

      uncrossing in an auction;

    2. (ii)

      a loss of venue connectivity;

    3. (iii)

      the use of a kill functionality;

  2. (b)

    "transaction" means a totally or partially executed order;

  3. (c)

    "volume" means the quantity of financial instruments traded expressed as any of the following:

    1. (i)

      the number of instruments for shares, depositary receipts, ETFs, certificates and other similar financial instruments;

    2. (ii)

      the nominal value for bonds and structured finance products;

    3. (iii)

      the number of lots size or contracts for derivatives;

    4. (iv)

      metric tonnes of carbon dioxide for emission allowances.