Article 2
Definitions
For the purposes of this Regulation, the following definitions shall apply:
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(a) |
‘passive order’ means an order entered into the order book that provided liquidity; |
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(b) |
‘aggressive order’ means an order entered into the order book that took liquidity; |
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(c) |
‘directed order’ means an order where a specific execution venue was specified by the client prior to the execution of the order. |