1
Application and Definitions
1.1
Unless otherwise stated, this Part applies to a CRR firm that engages in algorithmic trading.
- 03/01/2018
1.2
2.4 and 2.5 apply to a CRR firm that provides the services of direct electronic access to a trading venue.
- 03/01/2018
1.3
In this Part, the following definitions shall apply:
means trading in financial instruments where a computer algorithm automatically determines individual parameters of orders such as whether to initiate the order, the timing, price or quantity of the order or how to manage the order after its submission, with limited or no human intervention, and does not include any system that is only used for the purpose of routing orders to one or more trading venues or for the processing of orders involving no determination of any trading parameters or for the confirmation of orders or the post-trade processing of executed transactions.
means an arrangement where a member or participant or client of a trading venue permits a person to use its trading code so the person can electronically transmit orders relating to a financial instrument directly to the trading venue and includes arrangements which involve the use by a person of the infrastructure of the member or participant or client, or any connecting system provided by the member or participant or client, to transmit the orders (direct market access) and arrangements where such an infrastructure is not used by a person (sponsored access).
means a regulated market, an MTF or an OTF.
- 31/12/2020
1.4
[Deleted.]
- 31/12/2020