Article 1
Definitions
For the purposes of this Regulation, the following definitions shall apply:
1.
‘package transaction’ means either of the following:
(a)
a transaction in a derivative contract or other financial instrument contingent on the simultaneous execution of a transaction in an equivalent quantity of an underlying physical asset (Exchange for Physical or EFP);
(b)
a transaction which involves the execution of two or more component transactions in financial instruments; and:
(i)
which is executed between two or more counterparties;
(ii)
where each component of the transaction bears meaningful economic or financial risk related to all the other components;
(iii)
where the execution of each component is simultaneous and contingent upon the execution of all the other components;
2.
‘request-for-quote system’ means a trading system where the following conditions are met:
(a)
a quote or quotes by a member or participant are provided in response to a request for a quote submitted by one or more other members or participants;
(b)
the quote is executable exclusively by the requesting member or participant;
(c)
the requesting member or market participant may conclude a transaction by accepting the quote or quotes provided to it on request;
3.
‘voice trading system’ means a trading system where transactions between members are arranged through voice negotiation.