Updated 31/10/2025
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MiFID II ToolDelegated Regulation 2017/566
Article 1

Article 1 - Delegated Regulation 2017/566

Article 1

Definitions

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

(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:

(i)

uncrossing in an auction;

(ii)

a loss of venue connectivity;

(iii)

the use of a kill functionality;

(b)

‘transaction’ means a totally or partially executed order;

(c)

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

(i)

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

(ii)

the nominal value for bonds and structured finance products;

(iii)

the number of lots size or contracts for derivatives;

(iv)

metric tonnes of carbon dioxide for emission allowances.