actionable indication of interest — a message from one member or participant to another within a trading system in relation to available trading interest that contains all necessary information to agree on a trade; (34) ‘approved publication arrangement’ or 1

agricultural commodity derivatives — derivative contracts relating to products listed in Article 1 of, and Annex I, Parts I to XX and XXIV/1 to, Regulation (EU) No 1308/2013 of the European Parliament and of the Council (26) 1

ancillary services — borrowed from another act; this instrument states no meaning of its own 1

APA — an approved publication arrangement as defined in Article 4(1)(52) of Directive 2014/65/EU; (35) ‘consolidated tape provider’ or 1

approved publication arrangement — borrowed from another act; this instrument states no meaning of its own 1

approved reporting mechanism — borrowed from another act; this instrument states no meaning of its own 1

ARM — an approved reporting mechanism as defined in Article 4(1)(54) of Directive 2014/65/EU 1

benchmark — any rate, index or figure, made available to the public or published that is periodically or regularly determined by the application of a formula to, or on the basis of the value of one or more underlying assets or prices, including estimated prices, actual or estimated interest rates or other values, or surveys and by reference to which the amount payable under a financial instrument or the value of a financial instrument is determined. (40) 1

branch — borrowed from another act; this instrument states no meaning of its own 1

CCP — borrowed from another act; this instrument states no meaning of its own 1

certificates — those securities which are negotiable on the capital market and which in case of a repayment of investment by the issuer are ranked above shares but below unsecured bond instruments and other similar instruments 1

cleared derivatives — (a) all derivatives which are to be cleared pursuant to the clearing obligation under paragraph 1 of this Article or pursuant to the clearing obligation under Article 4 of Regulation (EU) No 648/2012; (b) all derivatives which are otherwise agreed by the relevant parties to be cleared 2

client — borrowed from another act; this instrument states no meaning of its own 1

close links — borrowed from another act; this instrument states no meaning of its own 1

commodity derivatives — those financial instruments defined in point (44)(c) of Article 4(1) of Directive 2014/65/EU; which relate to a commodity or an underlying referred to in Section C(10) of Annex I to Directive 2014/65/EU; or in points (5), (6), (7) and (10) of Section C of Annex I thereto 1

competent authority — borrowed from another act; this instrument states no meaning of its own 1

consolidated tape provider — borrowed from another act; this instrument states no meaning of its own 1

credit institution — borrowed from another act; this instrument states no meaning of its own 1

CTP — a consolidated tape provider as defined in Article 4(1)(53) of Directive 2014/65/EU; (36) ‘approved reporting mechanism’ or 1

dealing on own account — borrowed from another act; this instrument states no meaning of its own 1

depositary receipts — borrowed from another act; this instrument states no meaning of its own 1

derivatives — those financial instruments defined in point (44)(c) of Article 4(1) of Directive 2014/65/EU; and referred to in Annex I, Section C (4) to (10) thereto 1

ETF — an exchange-traded fund as defined in Article 4(1)(46) of Directive 2014/65/EU 1

exchange-traded derivative — a derivative that is traded on a regulated market or on a third-country market considered to be equivalent to a regulated market in accordance with Article 28 of this Regulation, and as such does not fall within the definition of an OTC derivative as defined in Article 2(7) of Regulation (EU) No 648/2012 1

exchange-traded fund — borrowed from another act; this instrument states no meaning of its own 1

execution of orders on behalf of clients — execution on behalf of clients as defined in Article 4(1)(5) of Directive 2014/65/EU 1

financial instrument — borrowed from another act; this instrument states no meaning of its own 1

home Member State — borrowed from another act; this instrument states no meaning of its own 1

host Member State — borrowed from another act; this instrument states no meaning of its own 1

interoperability arrangement — borrowed from another act; this instrument states no meaning of its own 1

investment firm — borrowed from another act; this instrument states no meaning of its own 1

investment services and activities — borrowed from another act; this instrument states no meaning of its own 1

liquid market — (a) for the purposes of Articles 9, 11, and 18, a market for a financial instrument or a class of financial instruments, where there are ready and willing buyers and sellers on a continuous basis, and where the market is assessed in accordance with the following criteria, taking into consideration the specific market structures of the particular financial instrument or of the particular class of financial instruments: (i) the average frequency and size of transactions over a range of market conditions, having regard to the nature and life cycle of products within the class of financial instrument; (ii) the number and type of market participants, including the ratio of market participants to traded financial instruments in a particular product; (iii) the average size of spreads, where available; (b) for the purposes of Articles 4, 5 and 14, a market for a financial instrument that is traded daily where the market is assessed according to the following criteria: (i) the free float; (ii) the average daily number of transactions in those financial instruments; (iii) the average daily turnover for those financial instruments 1

liquidity fragmentation — a situation in which: (a) participants in a trading venue are unable to conclude a transaction with one or more other participants in that venue because of the absence of clearing arrangements to which all participants have access; or (b) a clearing member or its clients would be forced to hold their positions in a financial instrument in more than one CCP which would limit the potential for the netting of financial exposures 1

management body — borrowed from another act; this instrument states no meaning of its own 1

market maker — borrowed from another act; this instrument states no meaning of its own 1

market operator — borrowed from another act; this instrument states no meaning of its own 1

MTF — a multilateral trading facility as defined in Article 4(1)(22) of Directive 2014/65/EU; (15) ‘organised trading facility’ or 1

multilateral system — borrowed from another act; this instrument states no meaning of its own 1

multilateral trading facility — borrowed from another act; this instrument states no meaning of its own 1

organised trading facility — borrowed from another act; this instrument states no meaning of its own 1

OTF — an organised trading facility as defined in Article 4(1)(23) of Directive 2014/65/EU 1

portfolio compression — a risk reduction service in which two or more counterparties wholly or partially terminate some or all of the derivatives submitted by those counterparties for inclusion in the portfolio compression and replace the terminated derivatives with another derivative whose combined notional value is less than the combined notional value of the terminated derivatives 1

professional client — borrowed from another act; this instrument states no meaning of its own 1

regulated market — borrowed from another act; this instrument states no meaning of its own 1

sovereign debt — borrowed from another act; this instrument states no meaning of its own 1

structured deposit — borrowed from another act; this instrument states no meaning of its own 1

structured finance products — those securities created to securitise and transfer credit risk associated with a pool of financial assets entitling the security holder to receive regular payments that depend on the cash flow from the underlying assets 1

systematic internaliser — borrowed from another act; this instrument states no meaning of its own 1

third-country financial institution — an entity, the head office of which is established in a third country, that is authorised or licensed under the law of that third country to carry out any of the services or activities listed in Directive 2013/36/EU, Directive 2014/65/EU; Directive 2009/138/EC of the European Parliament and of the Council (21), Directive 2009/65/EC of the European Parliament and of the Council (22), Directive 2003/41/EC of the European Parliament and of the Council (23) or Directive 2011/61/EU of the European Parliament and of the Council (24) 1

third-country firm — borrowed from another act; this instrument states no meaning of its own 1

trading venue — borrowed from another act; this instrument states no meaning of its own 1

transferable securities — borrowed from another act; this instrument states no meaning of its own 1

wholesale energy product — wholesale energy products as defined in Article 2(4) of Regulation (EU) No 1227/2011 of the European Parliament and of the Council (25) 1