Article 5 Specific characteristics of negotiated transactions(Article 4(1)(b) of Regulation (EU) No 600/2014)

A negotiated transaction in shares, depositary receipts, ETF, certificates or other similar financial instruments shall be considered to be a transaction which is negotiated privately but reported under the rules of a trading venue and where any of the following circumstances applies:

  1. (a)

    two members or participants of that trading venue are involved in any of the following capacities:

    1. (i)

      one is dealing on own account when the other is acting on behalf of a client;

    2. (ii)

      both are dealing on own account;

    3. (iii)

      both are acting on behalf of a client;

  2. (b)

    one member or participant of that trading venue is either of the following:

    1. (i)

      acting on behalf of both the buyer and seller;

    2. (ii)

      dealing on own account against a client order.