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.