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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.

You are viewing the version of the document as on 2021-01-01.

Article 2 Definitions

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

  1. (a)

    "passive order" means an order entered into the order book that provided liquidity;

  2. (b)

    "aggressive order" means an order entered into the order book that took liquidity;

  3. (c)

    "directed order" means an order where a specific execution venue was specified by the client prior to the execution of the order.